WTI and Brent on track for weekly rise as demand for fuels rise in the US
Singapore — Oil prices slipped on Friday but remained within touching distance of three-month highs as fears over new Covid-19 lockdown measures in Shanghai outweighed solid demand for fuels in the US, the world’s top consumer.
Still, with prices overall rallying in the past two months, Brent was on track for a fourth consecutive weekly gain and WTI was set for a seventh straight weekly increase. Both benchmarks on Wednesday marked their highest closes since March 8, the highest settlements in 14 years. “But losses were capped by expectations that tight global supply will continue with solid US demand for fuels and slow increase in crude output by Opec+,” he said.
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