Oil Prices Recover from Two-Month Lows

Oil prices rose from two-month lows in the prior session on Friday, when prices plunged 5% on information that the U.S. weekly draw was below the forecast.

Brent crude futures traded at $46.88 per barrel, rising 48 cents or 1.03% from their last settlement while U.S. crude rose to $45.51 a barrel by 0.82% or 37 cents. The Energy Information Administration reported that U.S. commercial crude stocks climbed down by 2.22m barrels to 524.35 million barrels, a lower withdrawal rate than what was expected by most traders.

The Brent is expected to average at $51 per barrel and $52 per barrel in the third quarter and fourth quarter of this year respectively by the Global Risk Management.

News are provided by InstaForex