Oil rebounds in Asia, ends 6-day losing streak

Oil benchmarks on both sides of Atlantic brought an end to its six consecutive sessions of loss and marched higher in the Asian trades this Friday on profit-taking ahead of the EU referendum week.

Oil eyes US rigs data

Currently, both crude benchmarks are moving away from multi-week troughs, with Brent up +1.30% at 47.80, while WTI gains +0.90% to 46.60 levels. Oil prices finally ended almost a week-long run of losses and edged higher today as markets resorted to profit-taking on their short positions as we head towards the much anticipated EU referendum next week, which is likely to trigger massive volatility across the financial markets.

Moreover, broad based US dollar weakness amid softer US inflation numbers and dovish Fed stance, further collaborates to the upbeat sentiment surrounding the oil markets.

Analysts at ANZ noted, "Deepening concerns over global economic growth are likely to keep commodity markets on the back foot despite falling inventories and ongoing supply issues in many markets."

Next of relevance for the black gold remains the US rig count report that will be released later today, after oilfield services company Baker Hughes reported a rise of 3 rigs a week before.