Oil prices once again relaxed on Friday, after making gains for three consecutive days. The growth of production by Saudi Arabian exporters and the Gulf of Mexico led to the slices in rates globally. But the spell didn’t stay for a longer time after Goldman Sachs report stating the market in deficit and building of new storm in the Gulf region pushed the prices on the upper side.
Brent crude was up at $43.57 (0.8 per cent or 36 cents upward movement) per barrel by 0651 GMT. Meanwhile, U.S. oil futures touched a height of $41.30 a barrel i.e. a growth of 0.6 per cent or 33 cents.