Oil prices rise towards weekly gain amid supply concerns

06/10/2018 Argaam

 

Crude futures rose on Friday towards weekly gains amid rising concerns over global supply.

 

At 9:16 Makkah time, global benchmark Brent crude futures for December delivery rose 0.58 percent to settle at $85.07 a barrel, leaning towards a 2.7 percent weekly gain.

 

U.S. West Texas Intermediate (WTI) crude November futures rose 0.75 percent to settle at $74.89 a barrel, in what would be its fourth consecutive weekly gain, as it rose 2 percent this week.

 

Russian Energy Minister Alexander Novak does not rule out global oil prices reaching $100 per barrel, he told the Business FM radio station on Thursday.

 

The United States intends to launch sanctions against Iran’s oil exports as of Nov. 4.

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