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Futures Movers: Oil rebounds, but still looks at more than 6% weekly drop

Oil futures turned higher in European trade on Friday, as a sharp slide in prices overnight lured in bargain hunters and sparked expectations of intervention from major oil producers.

West Texas Intermediate crude for delivery in June CLM7, +0.07% rose 14 cents, or 0.3% to $45.65 a barrel, erasing a loss of as much as 3.9% earlier in the day. July Brent crude LCON7, +0.31% on London’s ICE Futures exchange climbed 38 cents, or 0.8%, to $48.76 a barrel, also erasing an earlier sharp loss.

Prices for both contracts crashed 4.8% in Thursday’s trade, putting oil at its lowest level since late November, when the Organization of the Petroleum Exporting Countries agreed to cut output for six months.

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