Brent crude oil futures were at $71.67 a barrel at 1044 GMT, up $0.84 and heading for a weekly gain of 1.9%, their third weekly gain in a row. US West Texas Intermediate (WTI) crude futures were at $64.53, up $0.95 and set for a weekly rise of 2.3%, their sixth straight week of gains. Oil rises above $71 on Libyan supply threat“For the momentum to continue next week, WTI needs to close today (Friday) above $64 a barrel and preferably break the resistance of $65 a barrel. Oil markets have been lifted by more than a third this year by supply cuts led by the Organisation of the Petroleum Exporting Countries (OPEC), US sanctions on oil exporters Iran and Venezuela, plus escalating conflict in Libya. “While macro fears of an economic hard landing may be overblown, the concentration risk of global oil demand (in Asia) remains underappreciated,” RBC Capital Markets said.

Source: The Express Tribune April 12, 2019 13:18 UTC