Oil prices crawl up from 2-week lows as global stocks stabilize, supply in focus

Oil futures tipped higher Friday, still near a two-week low as investors assess the next leg for volatile stock markets and rising crude supplies continue to drive trading.

November West Texas Intermediate crude CLX8, +0.62% rose 51 cents, or 0.7%, at $71.48 a barrel on the New York Mercantile Exchange. The global benchmark, Brent crude for December delivery LCOZ8, +0.51%  on the ICE Europe exchange gained 34 cents, or 0.4%, at $80.60 a barrel.

Both benchmarks shed some 3% Thursday, and Brent briefly dropped below the closely watched $80 line. They were moving in step with a two-day selloff across global stock markets—a severe move that raised some concerns about economic resiliency and eventual energy consumption. Global equities and early U.S. stock futures indicators pointed higher on Friday, however…

 

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