WASHINGTON (dpa-AFX) - Crude oil futures settled lower on Friday, snapping a five-day winning streak, as traders took some profits and looked ahead to the upcoming meeting of the Organization of
Oil prices were little changed on Friday, with Brent holding near $70 a barrel as firm U.S. economic data and expectations of a strong rebound in global demand offset concerns about more supply from Iran once sanctions are lifted. Brent crude was down 16 cents, 0.2%, to $69.30 a barrel by 0809 GMT, while U.S. West Texas Intermediate crude was up 3 cents, or less than 0.1%, at $66.88 a barrel. 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.
Oil prices pushed higher on Friday, taking Brent to near $70 a barrel as firm U.S. economic data and expectations of a strong rebound in global fuel demand in the third quarter underpinned the market.
Oil prices ended the week more than 5% higher, with global benchmark Brent edging up on Friday to settle at a two-year high, 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. Brent settled 17 cents or 0.2%, higher at .