Brent is on track for a fourth consecutive weekly gain and WTI is set for a seventh straight weekly increase
An oil tanker is loaded at Saudi Aramco’s Ras Tanura oil refinery and oil terminal in Saudi Arabia. REUTERS/AHMED JADALLAHOil rose on Friday and was on track for another weekly gain supported by solid fuel demand in the United States, though fresh Covid-19 alerts in Shanghai and Beijing curbed gains.
“The summer driving season in the US is seeing record surges in gasoline and diesel consumption,” analysts at Fitch Solutions said.Oil prices also found support from fears of a potential disruption in supply in Europe. The prospect of reaching a nuclear deal with Iran and the lifting of US sanctions on the Iranian energy sector also seemed to be receding, supporting the oil rally.
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