Oil prices have steadied today after enduring a volatile week.
November Brent was trading at $48.71 a barrel, recording 44 cents fall day on day, while the US crude’s front-month contract traded 60 cents higher, or 1.1%, at $46.98 a barrel, Reuters reported.
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PVM Oil Associates oil analyst Tamas Varga told the news agency: "Investors holding short positions have already started to take profit ahead of the weekend after four days of decline."
Oil prices also gained due to strong equities markets as European shares extended a rally on Friday.
The US Energy Information Administration (EIA) said that some investors expected shale oil production to fall in the US, with output expected to fall in November.
EIA data also revealed that gasoline stocks witnessed a decline by 2.6 million barrels last week, which is against analysts’ expectations for a 1.7 million barrel drop.
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By GlobalDataDistillate stockpiles, including diesel and heating oil, fell by by 1.5 million barrels.
A meeting to be held by OPEC technical experts in Vienna on 21 October may hint whether sentiment is shifting within the organisation with regard to maintaining production levels.
