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LONDON (Reuters) - Oil prices were little changed on Friday, with Brent holding near $70 a barrel as strong U.S. economic data and expectations of a rebound in global demand offset concerns about more supply from Iran once sanctions are lifted.
FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford/File Photo
Brent was up 8 cents, or 0.1%, to $69.54 a barrel by 0902 GMT, while U.S. West Texas Intermediate crude rose 11 cents, or 0.2%, to $66.96 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.
Asian spot prices for liquefied natural gas (LNG) rose this week, as buyers stocked up the power-generating fuel on anticipation that a warmer-than-usual summer will spur demand for air-conditioning units.
China has approved trading of crude oil and palm oil options on the Shanghai International Energy Exchange and the Dalian Commodity Exchange respectively, its securities regulator said on Friday, adding to a range of products open to foreign participants for trading.
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ABUJA (Reuters) - Four oil firms including Nigeria’s state-oil company have approached Dangote Industries to acquire a stake in Africa’s largest oil refinery, a senior executive told Reuters on Friday.
FILE PHOTO: A worker walks past storage tanks at Dangote oil refinery in Ibeju Lekki district, on the outskirts of Lagos, Nigeria August 7, 2019. Picture taken August 7, 2019. REUTERS/Temilade Adelaja
Devakumar Edwin, group executive director, said the firms from Western and Middle East countries and involved in trading and crude production were looking to secure crude supply agreements, a similar objective to that pursued by the Nigerian National Petroleum Corporation (NNPC).