NEW YORK- Oil prices ended last week more than 5 percent higher, with global benchmark Brent edging up on Friday to settle at a two-year high, as strong US economic data and expectations of a rebound in global demand outweighed concerns about more supply from Iran once sanctions are lifted.
Brent settled 17 cents or 0.2 percent, higher at $69.63 a barrel, its highest close since May 2019. US West Texas Intermediate crudesettled down 53 cents a barrel, or 0.79 percent at $66.32.
“Boosted by good economic data and risk appetite among investors on the financial markets, Brent is making a renewed bid for the psychologically important $70 per barrel mark,” said Commerzbank analyst Eugen Weinberg.
“Concerns about demand because of the pandemic are giving way to optimism in view of the rapid return of consumers,” he added.
Analysts expect global oil demand to rebound closer to 100 million barrels per day in the third quarter on summer travel in Europe and the United States following widespread COVID-19 vaccination programs.
