Brent ends at two-year high as demand outlook counters supply fears | Reuters
Oil prices ended the week more than 5% higher, with global benchmark Brent edging up on Friday to settle at a two-year high, as strong U.S. 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%, higher at $69.63 a barrel, its highest close since May 2019. U.S. West Texas Intermediate crude settled down 53 cents a barrel, or 0.79% 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.
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