Oil prices rose 1 percent on Friday as involuntary supply cuts from Venezuela and Iran plus conflict in Libya supported perceptions of a tightening crude market, while upbeat Chinese economic data eased concerns about waning crude demand, ONA repots quoting Reuters.
The oil market also followed global stock markets higher after strong earnings at JPMorgan Chase & Co. The dollar index slipped to its lowest against the euro in more than two weeks, making crude cheaper for non-U.S. buyers. [.N] [USD/]
“Equities are getting off to a good start with earnings season and the dollar index being weaker helps reaffirm confidence in the oil market,” said Phil Streible, senior commodities strategist at RJO Futures in Chicago.
Brent crude oil futures rallied 99 cents, or 1.4 percent, to $71.82 a barrel by 2:05 p.m. EDT (1805 GMT).
U.S. West Texas Intermediate (WTI) crude futures rose 66 cents, or 1 percent, to $64.24 a barrel.