Photo: ReutersLondon: Brent crude oil prices rose on Friday and were set for a sixth straight week of gains, boosted by strong demand, looming Iran sanctions, plummeting Venezuelan production and Nigerian disruptions, as Saudi Arabia moved to assuage supply concerns. Rising oil prices have already raised the alarm among big oil-consuming countries. Opec kingpin Saudi Arabia said on Thursday it would make sure the world is adequately supplied with oil just as major consumer India expressed frustration with rising prices. Crude oil prices have received broad support from voluntary supply cuts led by the Organization of the Petroleum Exporting Countries. The oil major’s chief executive Bob Dudley told Reuters he sees oil falling to between $50 and $65 a barrel due to surging shale output and OPEC’s capacity to boost production.

Source: Mint May 18, 2018 12:45 UTC