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Oil prices slipped back on Friday after April saw the price of the commodity post its biggest monthly gain since 2009.
Tracking the most active futures contracts on the last day of the month analysts were able to establish that crude had finished 25% higher for the month.
It came after a report showed that oil supplies in the US - at a storage centre in Oklahoma - fell for the first time since November last year.
Meanwhile crude inventories (the amount in stock) rose for the 16th straight week. But the supply fall prompted expectations that the previous glut of black gold was easing due to various factors including that the number of rigs drilling has reduced stateside.
Meanwhile today Brent crude is at US$66.15 per barrel at the time of writing - 0.94% down on the day.
In the futures market on ICE on Friday Brent crude for June Delivery is 0.937% down at US$66.16 per barrel while West Texas Intermediate is down 0.931% at US$59.08.
Yesterday Commerzbank said the oil price “wants” to rise. “This is the impression one is bound to gain if one looks at the events that have taken place on the oil market in recent weeks” it said in a note.
The bank reckons market participants are paying more attention and responding more to the “positive” rather than to the “negative” reports.
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