Oil loses ground, but remains on track for third weekly gain
Brent falls from 2019 highs, although Opec-led supply cuts, and US sanctions on Iran and Venezuela provide support
London — Oil fell further from 2019 highs on Friday, but was set for a third consecutive week of gains due to supply cuts led by producer club Opec and by US sanctions on Iran and Venezuela. Brent crude futures were at $67.39 a barrel at 9.42am GMT, 47c below their last close. Brent hit a four-month high of $68.69 on Thursday. The benchmark has risen by just under a third since the beginning of January, when Opec started to cut production. US West Texas Intermediate (WTI) futures were at $59.53 a barrel, down 45c from their last settlement. WTI marked a 2019 peak in the previous session at $60.39. Both contracts were on course for their third consecutive week of increase. “For all the recent chatter of positive vibes and faithful oil bulls, the $70 barrier has so far proved a tough nut to crack for the European benchmark,” PVM analysts wrote. “A sense of hesitancy has taken hold across the energy complex. Market players are waiting for a bullish catalyst to spark a decisive upside b...
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