LONDON: Oil rose toward $72 a barrel on Friday, trading close to a two-year high as OPEC+ supply discipline and recovering demand countered concerns about patchy COVID-19 vaccination rollout around the globe. The Organization of the Petroleum Exporting Countries (OPEC) and allies on Tuesday said they would stick to agreed supply restraints. A weekly supply report on Thursday
Oil rose towards $72 a barrel on Friday, trading close to a two-year high as OPEC+ supply discipline and recovering demand countered concerns about patchy COVID-19 vaccination rollout around the globe. The Organization of the Petroleum Exporting Countries (OPEC) and allies on Tuesday said they would stick to agreed supply restraints. A weekly supply report .
Oil Futures Settle Notably Higher For The Day, Gain 5% In Week
WASHINGTON (dpa-AFX) - Crude oil prices moved higher on Friday amid rising hopes about increased demand for energy, and the recent decision of OPEC+ to gradually increase crude output.
Oil also continued to find support from data released by Energy Information Administration (EIA) on Thursday that crude oil stockpiles in the U.S. fell more than expected in the week ended May 29th.
West Texas Intermediate Crude oil futures for July ended up by $0.81 or 1.2% at $69.62 a barrel, the highest settlement since October 2018.
WTI futures gained about 5% in the week, rising for a second straight week.
Petrol prices have already crossed the Rs 100-per-litre mark in several states including Rajasthan, Madhya Pradesh, Maharashtra, almost all distrcits of Andhra Pradesh, parts of Telangana and in Leh.