Andrew
Oil prices climbed in Asia trading on Friday, rebounding from previous declines on supply tightness and geopolitical tensions even though weakened demand in the United States has cast a shadow on the market this week.
Brent crude futures rose $1.51, or 1.5 percent, to $105.37 a barrel by 0310 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained $1.34, or 1.4 percent, to $97.69 a barrel.
“Things are still negative on the economic front, but we are still in a structural shortfall for prompt oil and that means physical buyers will be there to support dips knowing the uncertainty of what lies ahead on the geopolitical front,” said Stephen Innes, managing partner at SPI Asset Management. – Reuters
Bongani Ndlovu
Online Reporter