Oil Posts Weekly Gain as UAE Refutes Report of OPEC Exit

“The response by the UAE to this news is telling of its conviction to prevent oil prices sliding,” said Christyan Malek, global head of energy strategy at JP Morgan.

Oil prices have struggled to break out of a $10 range this year, with traders weighing interest rate hikes by the Federal Reserve against expectations of higher crude consumption out of China. A spate of economic data released this week from the world’s largest crude importer was seen as evidence of a rebound taking hold, driving gains of more than $2 this week.

Prices and other news:

• Brent rose $1.08 to settle at $85.83 a barrel in New York.
• WTI added $1.52 to settle at $79.68 a barrel.