Media ININ Economy We Trust
MEDIA IN \ 13-04-2019 agencies
Oil prices rose by up to 1 percent on Friday, supported by voluntary cuts in supply from Venezuela and Iran, and expectations that the conflict in Libya would also reduce supply in the markets, while strong economic data from China eased concern over the decline in demand for crude.
The oil market also followed global equity markets on the rise after JPMorgan posted strong earnings.
The dollar index fell to a two-week low against the euro, making oil less expensive for non-US buyers.
Brent crude ended the session high 72 cents, or about 1 percent, to settle at $ 71.55 a barrel.
US benchmark WTI futures rose 31 cents, or 0.5 percent, to settle at $ 63.89 a barrel.
The benchmark crude oil futures are ending the week with gains of about 2 percent, the third consecutive weekly increase for Brent and sixth respectively for US crude.
Oil markets have jumped more than 30 percent since the beginning of this year thanks to OPEC-led supply cuts and US sanctions on crude exports from Iran and Venezuela.
