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Crude oil futures up slightly in early Asian trade

Published 2015-08-06, 09:18 p/m
© Reuters. Crude oil futures up slightly in early Asian trade
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TOKYO, Aug 7 (Reuters) - Oil futures traded slightly higher
on Friday in thin early Asian trade, after setting multi-month
lows in the previous session, as investors await indications on
how prolonged the current period of oversupply will be.
Both of the main oil benchmarks are heading for nearly 5
percent declines this week and are on the longest losing streak
since the turn of the year.
U.S. crude CLc1 was 10 cent higher at $44.76 at 0106 GMT
after dropping more than 1 percent on Thursday when it fell to a
4-1/2 month low.
The contract is heading for a sixth week of declines, the
most number of weeks it has fallen in a row since dropping for
seven weeks between November and January. It is down 5 percent
this week, the biggest weekly decline in two weeks.
Brent LCOc1 , the global oil benchmark, was trading 12
cents higher at 49.64, after reaching a six-month in the
previous session.
The contract is down about 4.8 percent this week, the
biggest weekly fall since March. It is also heading for a sixth
week of declines, the longest losing streak since the turn of
the year when the market was in freefall.
Crude futures are a few dollars away from breaking 2015
lows. Brent's bottom for the year was $45.19 in January while
U.S. crude fell to as low as $42.03 in March.

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