Oil prices rise further on tight supply outlook, eyes on OPEC+ | Reuters

Oil prices rise further on tight supply outlook, eyes on OPEC+ | Reuters

Oil prices climbed for a third straight session on Friday, on track for a fifth consecutive weekly gain, as demand growth is expected to outstrip supply on bets that OPEC+ producers will be cautious in returning more output to the market from August.

Brent crude futures rose 6 cents, or 0.1%, to $75.62 a barrel at 0646 GMT, heading for a 2.9% jump for the week.

U.S. West Texas Intermediate (WTI) crude futures were up 5 cents, or 0.1%, at $73.35 a barrel, headed for a 2.4% weekly gain.

Both benchmark contracts settled at their highest levels since October 2018 on Thursday.

"Expectations of tightness in global market is the major factor supporting crude oil as demand is recovering while OPEC+ has constrained supply and U.S. stocks are falling," said Ravindra Rao, vice president for commodities at Kotak Securities.