LONDON: Oil steadied on Friday in a volatile session, as bearish fundamentals pressured prices despite bullish indications earlier in the week.
International benchmark Brent crude futures were two cents higher at $34.48 per barrel at 1135 GMT, trading in a range of around $34-$35 a barrel so far this session.
U.S. West Texas Intermediate (WTI) crude futures were up 11 cents at $31.83 a barrel. "Volatility on the oil market is extremely high just now. This is due for the most part to the high speculative activity on the part of market participants," Commerzbank said in a note.
Crude futures benefited earlier this week from the sudden liquidation of a $600 million leveraged fund bet on falling prices. "The massive increase in speculative (net) long positions in Brent rather than in WTI could be quickly corrected and cause a considerable setback on the market," Commerzbank warned.
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