Friday, 23 March 2018 20:39 WIB |
Oil prices ticked higher Friday, renewed by signs that OPEC could maintain production curbs into 2019.
Oil, suffering its worst price hit in two weeks on Thursday, had retreated from a seven-week high reached earlier this week, pressured by gains in U.S. production and as the risk of a global trade war weighed on financial markets the world over. Oil prices had been boosted earlier this week by growing concerns around U.S. relations with major oil producers Venezuela and Iran.
Early Friday, May West Texas Intermediate crude rose 29 cents, or 0.5%, to $64.66 a barrel on the New York Mercantile Exchange. May Brent crude rose 26 cents, or 0.4%, to $69.17 a barrel on ICE Futures Europe. Brent earlier crossed above $70 a barrel for the first time since late January.
Prices for WTI and Brent had both finished Wednesday at their highest levels since early February. That means for the week, oil prices trade roughly 3% higher.
Source : Market Watch