Oil is Falling But Heading For a Third Weekly Rise

Oil prices fell on Friday, June 11, but are heading to rise for a third week, thanks to expectations of a recovery in fuel demand in Europe, China, and the United States, as increased vaccination rates lead to easing restrictions imposed due to the Corona pandemic.

Brent crude futures were down 4 cents, or 0.06%, at $72.48, after closing at their highest level since May 2019 on Thursday.

US West Texas Intermediate crude futures also fell 4 cents, or 0.06%, to $ 70.25 a barrel, after rising 0.5% on Thursday to close at their highest levels since October 2018.

Brent is heading towards a weekly rise of 0.8%, while WTI is heading to achieve a gain of 0.9%.

The American investment bank Goldman Sachs expects Brent crude prices to reach $80 a barrel this summer, betting that the recent rise in the oil market will continue as the distribution of vaccines against the Coronavirus boosts global economic activity and demand for crude.