Oil prices were subdued on Friday, but remained on track for strong weekly gains, as investors weighed the prospect of a wider Middle East conflict disrupting crude flows against a well-supplied global market.
Brent crude futures were flat at $77.55 a barrel, as of 0646 GMT. U.S. West Texas Intermediate crude futures were little changed at $73.65 a barrel.
Both benchmarks were headed for weekly gains of about 8%.
Bearish bets on oil have found some room to unwind this week amid mounting concerns over potential supply disruptions in the Middle East, along with optimism that China’s recent economic stimulus efforts may offer some uplift in demand, IG market strategist Yeap Jun Rong said.
“The question now is whether there will be an actual disruption in crude supplies, and that should keep prices in a waiting game over the weekend,” Yeap added.
Source: National news agency – Lebanon
