(MENAFN- ProactiveInvestors - N.America) The oil price continued its revival on Friday on supply concerns and positive sentiment on the euro zone, which was once again the flavour of the day.
Brent crude for November delivery rose a touch yesterday to $111 a barrel after pledges from Saudi Arabia to pump more oil had dragged it lower earlier in the week.
Reports emerged on Wednesday that Saudi Arabia has pledged to pump around 10 million barrels of crude a day and increase its supply of oil to the US, Europe and Asia in a bid to cut the price of Brent crude to around $100 a barrel.
"Given the extent of this week's decline's some rebound was always likely though the more positive tone in equity markets is also helping in that regard," said Michael Hewson at CMC Markets.
The oil price was also helped yesterday by news that there may be a way out of the economic woe for Spain.
Prime Minister Mariano Rajoy had insisted the country would not need to be given a hand from its euro zone associates, but now such an outcome looks likely, according to sources close to the matter.
Spain's second biggest lender BBVA has suggested a figure of between 70 to 80 billion euros will be needed to bail out the troubled nation.
The news also saw the West Texas Intermediate (WTI) price climb to $93.06.
Shares in Nighthawk Energy (LON:HAWK) leapt over 40% yesterday as the US-focused company revealed the first well of a four-well drill programme tested commercial oil from the Cherokee shale formation.
The John Craig 6-2 well on the company's Jolly Ranch project in Colorado produced more than 600 barrels of oil in a continuous 24-hour flow test.
Analyst Andrew Matharu at Westhouse called it "a very good start" to Nighthawk's four-well programme.
The Porcupine Basin, offshore Ireland, is poised to become a new hot spot for oil investors after potentially company-changing discoveries by two juniors in the space of two days.
Shares in Petrel Resources (LON:PET) jumped by almost a fifth on Thursday as it announced several new targets had been identified in the eastern part of Porcupine.
This followed a near doubling in the value of Europa Oil (LON:EOG) the day before after said it had found two new and potentially large targets in South Porcupine.
These discoveries come just ahead of the first new major well to be drilled in the Irish Atlantic Margin region for over a decade.
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