Oil price climbs, notches fourth monthly gain on growing demand

Brent crude futures for September, which expired on Friday, rose 28 cents, or 0.4%, to settle at US$76.33 a barrel. The more active contract for October ended the session up 31 cents at $75.41 per barrel. U.S. West Texas Intermediate (WTI) crude futures rose 33 cents, or 0.5%, to end the session at $73.95 a barrel.

NEW YORK: Oil prices edged higher on Friday, with global benchmark Brent posting a fourth monthly gain, with demand growing faster than supply and vaccinations expected to alleviate the impact of a resurgence in COVID-19 infections across the world.

Brent crude futures for September, which expired on Friday, rose 28 cents, or 0.4%, to settle at US$76.33 a barrel. The more active contract for October ended the session up 31 cents at $75.41 per barrel.