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Oil rises as supply constraints outweigh China slowdown fears

Oil prices rose on Friday as involuntary supply cuts from Venezuela, Libya and Iran supported perceptions of a tightening market, already underpinned by a production reduction deal from OPEC and its allies.

Brent crude oil futures were at $71.39 per barrel at 0832 GMT, up 56 cents from their last close and heading for a weekly gain of 1.5 percent, their third weekly gain in a row.

U.S. West Texas Intermediate (WTI) crude futures were at $64.19 per barrel, up 61 cents from their previous settlement, set for a weekly rise of 1.7 percent, their sixth straight week of gains.

“We expect oil price to eventually move higher in Q2 as OPEC+ potentially runs the risk of over-tightening the market by maintaining its current course of action,” Harry Tchilinguirian, strategist at BNP Paribas, told the Reuters Global Oil forum.

Solo Oil PLC (LON:SOLO) is an investment company with the target of acquiring a diverse global portfolio of direct and indirect interests in exploration, development and production oil and gas assets, both on-shore and off-shore.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.