Oil prices steady as Iran concerns offset demand outlook | Reuters

Oil prices steady as Iran concerns offset demand outlook | Reuters

Oil prices were little changed on Friday, with Brent holding near $70 a barrel as firm U.S. economic data and expectations of a strong rebound in global demand offset concerns about more supply from Iran once sanctions are lifted.

Brent crude was down 16 cents, 0.2%, to $69.30 a barrel by 0809 GMT, while U.S. West Texas Intermediate crude was up 3 cents, or less than 0.1%, at $66.88 a barrel.

“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.

Brent and WTI are both on track to post weekly gains of 4% and 5%, respectively

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 programmes.