On this string, investors were weighing short-term market shortages with a possible large surplus this year, according to the International Energy Agency (IEA), while U.S. tariffs and possible new sanctions on Russia were also in the crosshairs.
European benchmark Brent crude futures rose 40 cents, 0.58 percent, to $69.04 a barrel and U.S. West Texas Intermediate rose 45 cents, 0.68 percent, to $67.02 a barrel.
At these levels, Brent was on track for a 1.1 percent rise for the week, while WTI was little changed from last week’s close.
On Friday, the IEA said the global oil market could be tighter than it appears, with demand supported by summer peaks from refineries to meet the needs of travelers and power generation.
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