Crude oil futures rose on Friday to snap a week-long decline as investors bet falling U.S. production would cut a global surplus, while the country’s gasoline and distillate inventories dropped more than expected.
However, analysts cautioned the price recovery may not last, with more supply likely from Iran. Global benchmark Brent crude has fallen 4.5 percent so far this week, and has plunged more than a quarter since May.
Brent’s new front-month December contract rose 40 cents, or 0.8 percent, to $50.13 a barrel by 0305 GMT, after ending up 4 cents at $49.73 a barrel. November Brent finished down 44 cents at $48.71 a barrel on Thursday before expiring.
