Tokyo
Oil prices pulled back on profit-taking on Friday after settling more than 4 percent higher a day earlier, following a surprisingly huge drawdown in U.S. crude stocks as Gulf Coast imports slumped to a record low.
Brent and West Texas Intermediate crude futures have gained about 6 percent this week and are on course for their biggest weekly gain in three weeks, after major producers Saudi Arabia and Russia agreed on Monday to cooperate on stabilising the oil market.
London Brent crude for November delivery was down 47 cents at $49.52 a barrel as of 0333 GMT after rising above $50 for the first time in two weeks and settling up $2.01, or 4.2 percent, on Thursday. NYMEX crude for October delivery was down 40 cents at $47.22 after settling up $2.12, or 4.7 percent, on Thursday. "Spread trade is accelerating profit-taking," said Kaname Gokon, a strategist with Okato Shoji Co in Tokyo. U.S. crude stocks dropped 14.5 million barrels last week to 511.4 million barrels.
