Australian oil producers edged higher on Friday as the price of crude trimmed back losses from a day earlier.
Oil had found little lasting support on Thursday, as the International Energy Agency’s forecast for rising global supply offset a sharper-than-expected draw-down on oil stocks in the US.
However, oil prices strengthened in Asia trade on Friday with the international benchmark Brent rising 0.5 per cent to $56.53 a barrel after settling 1.2 per cent lower the previous session. West Texas Intermediate, the US marker, added 0.6 per cent to $50.89 a barrel after also falling 1.2 per cent on Thursday.
Australian producers, which lost ground in early trading on Friday, slowly clawed their way back to an intraday gain with the S&P/ASX 2000 Energy index adding 0.2 per cent after an initial 0.4 per cent dip. By mid-afternoon ASX-listed producers Santos and Woodside Petroleum were up 0.4 and 0.2 per cent respectively.
The broader ASX/S&P 200 index was up 0.4 per cent.
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