West Texas Intermediate crude may rise above $110 a barrel if prices breach $105, said Kyle Cooper, director of commodities research at IAF Advisors in Houston.
West Texas Intermediate and Brent crudes charted the biggest weekly gains this year as Islamist fighters extended their advance in Iraq, triggering concern of a return to civil war.
Natural gas futures climbed the most in almost four months, reaching a five-week high, after a government report showed that a U.S. stockpile expansion was smaller than forecast.
West Texas Intermediate crude rose to the highest price in three weeks as a government report showed stockpiles fell at Cushing, Oklahoma, the delivery point for the futures. Brent oil rose.
West Texas Intermediate crude climbed as U.S. payrolls exceeded their pre-recession peak, signaling greater fuel demand. Brent slipped as world leaders at D-Day commemorations in France discussed the Ukraine crisis.
West Texas Intermediate crude fell to the lowest level in two weeks, widening the discount to Brent, as U.S. equities slipped and oil stockpiles expanded.
West Texas Intermediate crude rose for a second time this week, narrowing its discount to Brent, as inventories dropped at Cushing, Oklahoma.
"The market has just collapsed."
- Kyle Cooper on Jul 15, 2014