WTI consolidates weekly gains near $65.50-60 area

WTI crude oil prices seesawed between tepid gains/minor losses and consolidated weekly gains around the $65.50-60 region.

The commodity resumed with its bullish trend this week after Saudi Arabia and Russia pledged to continue with their coordinated efforts to drain global supply glut. 

The black gold touched an intraday high level of $66.66 per barrel on Thursday, the highest since December 2014, and was being supported by the latest EIA report that showed crude stockpiles fell for a 10th week to the lowest level since February 2015.

Spot prices subsequently retreated from highs on some profit-taking move and fall was further aggravated by a goodish US Dollar rebound, following the US President Donald Trump's "strong dollar" comments. 

Meanwhile, a fresh wave of USD selling bias on Friday continued underpinning demand for dollar-denominated commodities - like oil and limited any further losses. Nevertheless, the commodity remains on track to post gains in excess of 3% for the week.