Crude oil prices rose last Friday as involuntary supply cuts from Venezuela and Iran, plus conflict across Libya supported the possibility of a tightening crude market, while positive Chinese economic data eased concerns about falling crude demand.
U.S. West Texas Intermediate crude futures settled 31 cents higher after Friday’s trading session, at $63.89 per barrel, rising 0.5% on the day and posting a 1.3% weekly gain. That marked the sixth straight week of gains for WTI, Kallanish Energy reports.
Brent crude oil futures rose 72 cents, or 1%, to $71.55/Bbl, ending the week 1.7% higher, its third weekly gain in a row.
Oil markets have been lifted by more than 33% thus far this year due to supply cuts by Opec+, U.S. sanctions on Iran and Venezuela, plus growing conflict in fellow Opec member Libya.
The head of Libya’s National Oil Corp. said Friday renewed fighting could erase the country’s crude production.
Opec members and their non-Opec producer-nations led by Russia, known collectively as Opec+, meet in June to decide whether to continue withholding roughly 1.2 million barrels per day from the market.
Though Saudi Arabia has said it’s prepared to keep cutting production through the end of the year, other Opec+ members, specifically Russia, have said they could raise output from July if production disruptions continue elsewhere.
The producer group’s supply cuts have been aimed at offsetting record crude production from the U.S.
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