Oil Rises to Support Positive Demand Outlook Facing Supply Concerns

Oil prices rose on Friday, May 28, and Brent crude remained intact near the level of $ 70 a barrel, as positive US economic data and expectations of a recovery in global demand overshadowed concerns about an increase in supplies from Iran when sanctions are lifted.

Brent rose 24 cents, equivalent to 0.4%, to $ 69.70 a barrel, while US West Texas Intermediate crude rose 35 cents, or 0.5%, to $ 67.20 a barrel.

Brent and WTI are both heading for weekly gains of 5% and 6%, respectively.

Analysts expect global oil demand to rise to nearly 100 million barrels per day in the third quarter of the year, with the support of the summer travel season in Europe and the United States, after large-scale vaccination programs with Coronavirus vaccines.