Oil prices rises, with Brent heading for a weekly gain of 1.5%
Involuntary supply cuts from Venezuela, Libya and Iran are supported perceptions of a tightening market
London — Oil prices rose on Friday as involuntary supply cuts from Venezuela, Libya and Iran supported perceptions of a tightening market, already underpinned by a production reduction deal from Opec and its allies. Brent crude oil futures were at $71.39 per barrel at 8.32am GMT, up 56 US cents from their last close and heading for a weekly gain of 1.5%, their third weekly gain in a row. US West Texas Intermediate (WTI) crude futures were at $64.19 per barrel, up 61c from their previous settlement, set for a weekly rise of 1.7%, their sixth straight week of gains. "We expect oil price to eventually move higher in the second quarter as Opec+ potentially runs the risk of overtightening the market by maintaining its current course of action," Harry Tchilinguirian, strategist at BNP Paribas, told the Reuters Global Oil forum. Oil markets have been risen by more than a third this year by supply cuts led by oil cartel Opec, US sanctions on oil exporters Iran and Venezuela, and an escalati...
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