Investing.com - U.S. oil futures bounced off two-month lows on Friday, but gains were expected to remain limited as Thursday’s disappointing U.S. crude oil inventories report and post-Brexit concerns continued to weigh.
U.S. crude futures for August delivery rallied 1.06% to $45.62 a barrel, off the previous session’s two-month low of 44.87.
On the ICE Futures Exchange in London, the September Brent contract jumped 1.01% to $46.87 a barrel, off Thrusday’s two-month trough of 46.16.
Oil prices dove on Thursday after the U.S. Energy Information Administration said crude oil inventories fell by 2.223 million barrels in the week ended July 1. Market analysts' expected a crude-stock decline of 2.25 million barrels.
The data came a day after the American Petroleum Institute reported a supply decrease of 6.7 million barrels.
But the commodity regained some ground as the U.S. dollar mildly weakened ahead of the highly anticipated U.S. nonfarm payrolls report due later in the day.
Investors were still cautious however as Britain’s shock decision to leave the European Union continued to fuel uncertainty over the consequences of the U.K. vote on the country’s economy and the global economy as a whole.