Supply disruptions and rising demand keep oil on the boil
Brent crude futures are headed for its sixth straight week of gains, and US benchmark WTI futures are on track for their third weekly increase
London — Brent oil prices rose on Friday and were set for a sixth straight week of gains, boosted by strong demand, looming sanctions on Iran, plummeting Venezuelan production and Nigerian disruptions, as Saudi Arabia moved to assuage supply concerns. Brent crude futures were at $79.69 a barrel at 9.13am GMT, up 39c. The international benchmark broke through $80 for the first time since November 2014 on Thursday. US West Texas Intermediate crude futures were at $71.63 a barrel, up 14c and set for a third straight week of gains. British bank Barclays said it expected average prices of $70 a barrel for Brent this year and $65 a barrel for 2019, up from estimates of $63 and $60 previously. "Since last month, Venezuela’s production decline, Trump’s Iran sanctions decision, a new disruption in Nigeria, and anecdotal evidence from a new round of producer earnings require a price forecast revision," the bank said. Rising prices have already raised the alarm among big oil-consuming countrie...
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