Oil prices find traction, but huge glut remains | The National:
"The oil market took some solace from signs that the glut that has weighed on it for the past few months may get some relief down the road, but there were other indicators that it will take considerable time to soak up the massive overhang.
On Friday, the world benchmark North Sea Brent posted one of its biggest daily gains in months, ending US$3.86 higher at $53.99 a barrel, as traders focused on some bullish developments, including renewed fighting between Iraqi government forces and radical insurgents around the important oil town of Kirkuk.
Similarly allied radical insurgents in Libya also ratcheted up their violence last week, bombing a hotel in Tripoli and killing a number of western diplomats."
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