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Oil price still on a weekly gain despite ample supply

Oil prices remain little changed on today but set to end the week slightly higher despite ample supply, buoyed by a weaker dollar, forecasts of lower U.S. crude output and a pick-up in global demand.

U.S. crude is on track to rise for a ninth week, which would be the benchmark’s longest winning streak since 1983. U.S. crude stockpiles have fallen from record levels, while international oil agencies cut U.S. production forecasts after low prices hurt shale producers.

June West Texas Intermediate futures were down 13 cents at $59.75 a barrel.

July Brent crude edged up 3 cents to $66.73 a barrel.

Front-month Brent is on track for a weekly gain after a 1.6 percent decline last week interrupted its month-long rally.

But analysts said prices have outperformed weak oil fundamentals. Supply continues to exceed demand growth, which has been curbed by a lackluster global economy.

Oil prices also did not react much to rising tensions in the Gulf, after Iranian naval vessels fired shots at a Singapore-flagged tanker in the Gulf on Thursday.