Oil prices climbed for a third straight session on Friday, on track for a fifth consecutive weekly gain, as demand growth is expected to outstrip supply on bets that OPEC+ producers will be cautious in returning more output to the market from August.
Brent crude futures rose 6 cents, or 0.1%, to $75.62 a barrel at 0456 GMT, heading for a 2.9% jump for the week. U.S.
West Texas Intermediate (WTI) crude futures were also up 6 cents, or 0.1%, at $73.36 a barrel, headed for a 2.4% weekly gain.
Both benchmark contracts settled at their highest levels since October 2018 on Thursday. Oil also got some support on Friday as the approval of U.S. infrastructure bill boosted optimism for energy demand outlook, analysts said.
All eyes are on the Organization of the Petroleum Exporting Countries, Russia and allies – together called OPEC+ – who are due to meet on July 1 to discuss further easing of their output cuts from August. ANZ analysts have predicted OPEC+ would step up supply with a small increase of 500,000 barrels per day in August, adding to the 2.1 million bpd they agreed to return to the market from May through July.
