Stable oil markets were seen on Friday as the Forties pipeline in the North Sea was unserviceable and the current OPEC-led output cuts boosted prices; however, increasing output from the United States delayed further price increase.
WTI, United States West Texas Intermediate crude Futures were traded at $57.13 per barrel at 0119 GMT, increasing 9 cents from their last closure. The international standard for oil prices, Brent crude futures, landed at $63.35 per barrel, rising by 4 cents from the last settlement.
According to analysts, markets were generally well backed up by the efforts of OPEC and other non-OPEC countries like Russia to curb supply in order to push up prices. The decreasing supply from the Forties pipeline that move North Sea oil to Britain was also boosting crude prices.
Japanese and Asian shares ended mixed this Friday. MSCI’s largest index of Asia Pacific shares out of Japan (MIAPJ0000PUS) rose 0.4 percent in early trading, en route to 1.2 percent gains for the week. Nikkei stock index .N223 of Japan tumbled 0.8 percent closing1.3 percent lower from a weekly perspective.
As stated by the data from the quarterly survey of the Bank of Japan, prominent Japanese manufacturer’s business confidence showed improvement for the fifth consecutive quarter within the three months to December, on track to reach its 11 year peaks. A robust yen prevented Japanese share from closing in the green zone.