Brent oil was paring back losses on Friday in Asia trading, up 0.4 per cent and still above the $57 a barrel threshold at $57.63 after three days of declines.
Amid rising demand, falling US inventories and tight supply out of OPEC, plus a boost from tension in Kurdistan, the international benchmark had spiked 3.8 per cent on Monday and hit a 26-month high of $59.49 on Tuesday. But that momentum faded as data subsequently showed US production was up 9 per cent over the past three weeks.
West Texas Intermediate, the US benchmark, was up 0.1 per cent at $51.59 a barrel.
Meanwhile, Gold was down 0.2 per cent at $1,284.81 an ounce in early trading on Friday after trading as low as $1,277 on Thursday, near its lowest point in a month.
The precious metal been swinging up and down as unease over North Korea’s nuclear program moves in and out of investors’ focus. ANZ analysts noted that September had marked the worst month of the year for the precious metal, “as the prospect of a US rate hike by the end of the year firmed.”
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