U.S. crude remains at 8-week highs on stockpile decline

U.S. oil remained at an eight-week high on Friday, as a continued decline in U.S. crude inventories added to optimism over a potential rebalancing of the market.

U.S. crude futures for September delivery were up 0.10% at $44.14 a barrel, near the previous session’s eight-week peak of $49.24.

On the ICE Futures Exchange in London, the September Brent gained 0.47% to $51.73 a barrel, the highest level since May 31.

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