Oil on track for second consecutive weekly profit

Oil prices maintained their modest gains in American trade for the second straight session, moving near a two-week high touched yesterday and heading for the second weekly profit in a row, after an unexpected drop in US crude inventories and output. 

As of 13:55 GMT, US West Texas Intermediate rose to $62.70 a barrel from the opening of $62.60, while Brent climbed to $66.30 a barrel from the opening of $66.22. 

US crude added 2.1% yesterday, the first profit in three days, marking a three-week high at $63.07, while Brent rose 1.8%. 

Oil prices are up 2% so far this week, heading for the second weekly profit in a row. 

The Energy Information Administration reported a drop of 1.6 million barrels in US crude stocks in the week ending February 16, the first weekly decline in a month. 

US output fell unexpectedly by 70 thousand bpd to 10.2 million bpd, the first weekly decline since January. 

Later today, Baker Hughes will release data on the US oil rig count, after rising by 7 in the previous reading to a total of 798 rigs, the highest since April 2015. 

The dollar index rose 0.2% on Friday, resuming the gains that stopped temporarily yesterday and nearing the third weekly profit in a month, hurting dollar-denominated commodity futures.