Oil prices continued to rise on Friday as the latest OPEC (Organization of the Petroleum Exporting Countries) report indicates an ongoing increase in global demand.
In its monthly report on Thursday, OPEC raised its forecast for global oil demand growth for this year by 30,000 barrels per day (bpd) to 1.63 million bpd. Moreover, the group said its collective output fell by 201,000 bpd to 31.96 million bpd in March from February, driven by declines in countries such as Venezuela, Saudi Arabia and Libya.
OPEC Secretary-General Mohammad Barkindo said on Thursday that the global oil glut has effectively shrunk by nine-tenths since the start of 2017, according to Reuters.
For the week, oil prices notched the biggest weekly gains since July amid rising geopolitical tensions in the Middle East.
The West Texas Intermediate (WTI) for May delivery added 0.32 U.S. dollar to settle at 67.39 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery climbed 0.56 dollar to close at 72.58 dollars a barrel on the London ICE Futures Exchange.
Editor:Amber
