Oil price hits multi-year highs in third weekly gain on demand recovery

Brent crude futures settled at US$72.69 a barrel, rising 17 cents after reaching their highest since May 2019. For the week, Brent was up 1%. U.S. West Texas Intermediate (WTI) crude futures settled at $70.91 a barrel, up 62 cents, settling at their highest since October 2018. WTI was up 1.9% on the week.

NEW YORK: Oil prices reached fresh multi-year highs on Friday, closing out a third straight week of gains on an improved outlook for worldwide demand as rising COVID-19 vaccination rates help lift pandemic curbs.

Brent crude futures settled at US$72.69 a barrel, rising 17 cents after reaching their highest since May 2019. For the week, Brent was up 1%.