Oil Up in Early NY Trade

Crude futures were up in New York’s early trade on Friday, rebounding from the previous session’s six-month lows, but the market still eyed a drop of about 2% on the week from losses pressured by the global oil glut. Brent crude’s front-month futures rose $0.37, or 0.7%, to $47.29 per barrel on London’s Intercontinental Exchange by 8:53 a.m. ET. The front-month contract for U.S. West Texas Intermediate crude was up $0.25, or 0.6%, to $44.71 a barrel on the New York Mercantile Exchange. For the week, both Brent and WTI were on track for a loss of about 2%

A partial halt in crude exports from Libya’s port of Hariga, handled by commodities merchant Glencore provided some support to oil prices, traders said. Libya is one of the two countries in the Organization of the Petroleum Exporting Countries that have continued raising oil exports in recent months despite OPEC attempts to cut and balance the oversupplied world market.