Brent holds above $111, US oil in longest losing streak since 2009
By Manash Goswami
SINGAPORE (Reuters) – Brent futures held steady above $111 a barrel on Friday on signs of an improving demand outlook, although the benchmark is still set to post its biggest weekly loss since early January as supply worries that have rattled oil markets for weeks recede.
Brent crude rose 13 cents to $111.13 a barrel by 0635 GMT and looks set to lose 2 percent this week.
U.S. oil lost 9 cents to $103.97 a barrel and is set to end the week down 1.7 percent, the most since end-April.
The twin factors will keep the U.S. benchmark above $100 a barrel, Shum said.
Prospects of further easing of sanctions and more Iranian oil hitting the market come a day after Libyan Prime Minister declared an end to an oil crisis that has cut exports from the OPEC member to a trickle.
DEMAND OUTLOOK
On the demand front, U.S. employment growth jumped in June and the jobless rate closed in on a six-year low, pointing to decisive evidence the country was growing briskly heading into the second half of the year.
Broader financial markets – including Asian shares and the dollar – firmed after the U.S. jobs data report.
"More of the same in the oil markets (overnight) with another day of losses as concerns over geopolitical supply disruptions continued to abate," analysts at ANZ said in a note. "But the falls were relatively small, suggesting the market is comfortable with prices at current levels."