OPEC Diplomacy Picks Up With Iraq-to-Libya Chiefs

West Texas Intermediate and Brent oils increased after U.S. employment gains exceeded 200,000 for a ninth month and the jobless rate dropped to a six-year low, bolstering the fuel demand outlook.

Brent crude capped a sixth weekly loss, the longest losing streak since 2002, as OPEC boosted production to a 14-month high amid a global surplus.

Crude Falls on Federal Reserve Stimulus Halt, U.S. Supply

When energy analysts and the media discuss the price of crude oil, they are typically referring to one of a small group of specific types of crude oil that are widely and actively bought and sold. The use of such benchmark crudes makes it easier for buyers and sellers to price the variety of crudes that are produced around the world.

Oil prices have fallen by over 20% in the last couple of months. Brent is currently trading $30 below its summer spike to $115 per barrel and many are left wondering what the Saudis are playing at.

The Brent-WTI spread, the difference between the front month futures price of North Sea Brent crude oil and that of West Texas Intermediate (WTI) crude oil, narrowed to $2.00 per barrel (bbl) as of October 15, after reaching a 2014 high of $14.95/bbl in January

West Texas Intermediate extended its slump into a bear market amid speculation that rising global oil supplies will be more than enough to meet slowing demand. London’s Brent traded at the lowest price since December 2010.

West Texas Intermediate crude fell from the highest price in seven days as concern eased over the risk of a supply disruption in the Middle East. Brent declined in London.

U.S. oil futures gained Friday on expectations of continued high demand, while global benchmark Brent held flat