Oil ends day slightly lower, but posts a weekly gain amid expectations of a demand rebound
Oil prices fell slightly on Friday but posted a weekly advance as strong U.S. economic data and expectations of a rebound in global demand outweighed concerns about more supply from Iran once sanctions are lifted.
WTI settled down 0.79% at $66.32 after hitting a high of $67.52 the highest level since May 8.
WTI closed up 4.31% this week.
Brent (JUL) settled up 0.24% at $69.63, bringing its weekly gain to 4.8%.
“Boosted by good economic data and risk appetite among investors on the financial markets, Brent is making a renewed bid for the psychologically important $70 per barrel mark,” said Commerzbank analyst Eugen Weinberg.
“Concerns about demand because of the pandemic are giving way to optimism in view of the rapid return of consumers,” he added.
Analysts expect global oil demand to rebound closer to 100 million barrels per day in the third quarter on summer travel in Europe and the United States following widespread COVID-19 vaccination programmes.
Reference: CNBC
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