On Friday, oil prices continued to rise, ending the week with an increase of more than 5%, Interfax reports.
Both Brent and WTI price went up for the sixth successive session, with July WTI futures ending Thursday at a 2.5-year high.
The cost of July Brent futures on the London ICE Futures exchange by 8:20 a.m. Kyiv time on Friday amounted to $69.78 per barrel, which is $0.32 (0.46%) higher than the price at the end of the previous session. As a result of trading on Thursday, these contracts’ prices rose by $0.59 (0.9%) to $69.46 per barrel.
The price of July WTI futures in electronic trading on the New York Mercantile Exchange (NYMEX) amounted to $67.18 per barrel by this time, which is $0.33 (0.49%) below the final price of the previous session. The day before, the price of these contracts increased by $0.64 (1%) to $66.87 per barrel, which, according to Dow Jones, is the maximum price of a futures contract to close the market since October 29, 2018.
The positive picture of demand has been marred by expectations of an increase in Iranian oil supplies to the world market, and traders continue to follow the negotiations on the Iranian nuclear program, Bloomberg writes. However, many experts believe that the market will be able to “digest” the new volumes of Iranian oil.
“The momentum for the growth of the oil market remains, the increase in demand in the US and Europe compensates for the continuing concerns about the situation in several Asian countries,” said Oversea-Chinese Banking Group economist Howie Lee. "The market is confident it can absorb any additional supplies."
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