Oil prices settled higher on Friday and recorded a second consecutive weekly gain as fresh U.S. sanctions on Iran and the latest output plan from the OPEC+ producer group raised expectations of tighter supply.
Brent crude futures rose 16 cents, or 0.2%, to settle at $72.16 a barrel. U.S. West Texas Intermediate crude futures rose 21 cents, or 0.3%, to $68.28.
On a weekly basis, Brent rose 2.1% and WTI about 1.6%, their biggest gains since the first week of the year.
On Thursday, the U.S. Treasury announced new Iran-related sanctions, which for the first time targeted an independent Chinese refiner among other entities and vessels involved in supplying Iranian crude oil to China. Reuters
Oil prices settled higher on Friday and recorded a second consecutive weekly gain as fresh U.S. sanctions on Iran and the latest output plan from the OPEC+ producer group raised expectations of tighter supply.
Brent crude futures rose 16 cents, or 0.2%, to settle at $72.16 a barrel. U.S. West Texas Intermediate crude futures rose 21 cents, or 0.3%, to $68.28.
On a weekly basis, Brent rose 2.1% and WTI about 1.6%, their biggest gains since the first week of the year.
On Thursday, the U.S. Treasury announced new Iran-related sanctions, which for the first time targeted an independent Chinese refiner among other entities and vessels involved in supplying Iranian crude oil to China. Reuters
Oil prices settled higher on Friday and recorded a second consecutive weekly gain as fresh U.S. sanctions on Iran and the latest output plan from the OPEC+ producer group raised expectations of tighter supply.
Brent crude futures rose 16 cents, or 0.2%, to settle at $72.16 a barrel. U.S. West Texas Intermediate crude futures rose 21 cents, or 0.3%, to $68.28.
On a weekly basis, Brent rose 2.1% and WTI about 1.6%, their biggest gains since the first week of the year.
On Thursday, the U.S. Treasury announced new Iran-related sanctions, which for the first time targeted an independent Chinese refiner among other entities and vessels involved in supplying Iranian crude oil to China. Reuters
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Oil prices rise for second consecutive week on expected tighter supply
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Oil prices rise for second consecutive week on expected tighter supply
Oil prices settled higher on Friday and recorded a second consecutive weekly gain as fresh U.S. sanctions on Iran and the latest output plan from the OPEC+ producer group raised expectations of tighter supply.
Brent crude futures rose 16 cents, or 0.2%, to settle at $72.16 a barrel. U.S. West Texas Intermediate crude futures rose 21 cents, or 0.3%, to $68.28.
On a weekly basis, Brent rose 2.1% and WTI about 1.6%, their biggest gains since the first week of the year.
On Thursday, the U.S. Treasury announced new Iran-related sanctions, which for the first time targeted an independent Chinese refiner among other entities and vessels involved in supplying Iranian crude oil to China. Reuters
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