· Oil dips, but heads for third weekly rise on demand recovery
Oil prices slipped on Friday but were set for their third weekly rise on expectations of a recovery in fuel demand in Europe, China and the United States as rising vaccination rates lead to an easing of pandemic curbs.
Brent crude futures edged down 4 cents, or 0.06%, to $72.48 a barrel to 0658 GMT, after closing at its highest since May 2019 on Thursday.
U.S. West Texas Intermediate (WTI) crude futures also slipped 4 cents, or 0.06%, to $70.25 a barrel, after climbing 0.5% on Thursday to its highest close since October 2018.
Brent is set for a weekly rise of 0.8% while WTI is set to gain 0.9%.
· Oil rally has more room to run, Brent expected to hit $80/bbl - Goldman
U.S. investment bank Goldman Sachs expects Brent crude prices to reach $80 per barrel this summer, betting that a recent oil market rally will continue as vaccination rollouts boost global economic activity and demand for the commodity.
Brent prices hit $72.93 per barrel this week, their highest level in over two years, fuelled by expectations of stronger demand.
Brent futures were trading at $72.21 a barrel on Friday, while U.S. West Texas Intermediate (WTI) crude was around $70 a barrel.
Reference: Reuters
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