Crude Oil Futures Hit Eight-Week High On Friday

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Crude oil futures edged higher on Friday, hitting eight-week high as the growing risk of renewed sanctions on Iran. The up-move was also supported by the possibility of an extension of OPEC production curbs into 2019 help prices notch their largest weekly gain since July. Prices had suffered their worst hit in two weeks on Thursday, on account of gains in U.S. production and as the risk of a global trade war weighed on financial markets the world over. However, oil prices had been boosted earlier this week by growing concerns around U.S. relations with major oil producers Venezuela and Iran. 

 

Benchmark crude oil futures for May surged $1.58 or 2.5 percent at $65.88 a barrel on the New York Mercantile Exchange. May Brent crude gained $1.54 cents or 2.2 percent to settle at $70.45 a barrel on London’s Intercontinental Exchange.

 

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