Oil rises

Reuters

Singapore

US oil futures held above $50 per barrel on Friday as the entire crude forward curve pushed above that level in a sign that financial markets have increasing confidence in the sector.  U.S. West Texas Intermediate (WTI) futures were up 3 cents at $50.47 per barrel as of 0653 GMT on Friday.

They settled at $50.44 per barrel on Thursday - the first settlement above $50 since late June.  Brent futures already moved over $50 at the start of this week, and were trading 4 cents up at $52.55 per barrel.

With both front-month contracts above $50 per barrel and each forward curve in contango, in which contracts for future delivery are more expensive than those for immediate sale, the entire crude futures complex has moved back over $50 per barrel.

"There is still no end in sight for the current bullish run. Speculators have been buying every short-term dip, a strategy that has evidently been working very well so far," said Fawad Razaqzada, market analyst at futures brokerage Forex.com.