Futures Movers: Brent oil above $51, WTI cruises higher

Oil prices headed higher on Friday morning, even amid some profit taking profit-taking in Asia, with Brent prices pushing past $51 a barrel, underscoring the investors’ belief that oil market is tightening.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in September CLU6, +0.83% traded at $48.65 a barrel, up $0.43, or 0.9% in the Globex electronic session. October Brent crude LCOV6, +0.39% on London’s ICE Futures exchange rose $0.20, or 0.4%, to $51.10 a barrel. Both benchmarks have gained more than 9% or 8%, respectively, on the week.

Upbeat prospects of a rebalance which flipped oil into a bull market Thursday night, was stoked by drawdowns in the U.S.

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