Oil settles near $70/bbl on hopes of recovering demand

Oil settles near $70/bbl on hopes of recovering demand
  • Clock-gray 07:49
  • calendar-gray 13 March 2021

Oil settled near $70 a barrel on Friday, supported by production cuts by major oil producers and optimism about a demand recovery in the second half of the year, APA reports quoting Reuters.

Benchmark Brent settled down 41 cents, or 0.6%, to $69.22 a barrel. U.S. West Texas Intermediate crude also ended down 41 cents to $65.61 a barrel.

Brent and U.S. crude ended the week roughly flat after prices touched a 13-month high on Monday, following seven straight weeks of gains.

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