Oil prices set for sixth week of gains, India sounds alarm


Oil prices set for sixth week of gains, India sounds alarm

Brent oil prices rose on Friday and were set for a sixth straight week of gains, boosted by strong demand, looming sanctions on Iran, plummeting Venezuelan production and Nigerian disruptions, as Saudi Arabia moved to assuage supply concerns.

Brent crude futures were at $79.69 a barrel at 0913 GMT, up 39 cents. The international benchmark broke through $80 for the first time since November 2014 on Thursday.

US West Texas Intermediate crude futures were at $71.63 a barrel, up 14 cents and set for a third straight week of increase.

British bank Barclays said it expected average prices of $70 per barrel for Brent this year and $65 a barrel for 2019, up from estimates of $63 and $60 previously. Read More

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