LONDON: Oil rises above $ 78 a barrel on Friday, in high three-year view this week, supported by a tight inventory because OPEC + Curbs supplies, recovering weaker demand and US dollars.
Organizations of the countries and allies of petroleum exporters, known as OPEC +, met on Monday.
The group slowly recorded a record of record output made last year, even though the source said it was considering doing more.
Brent crude rose 41 cents, or 0.5%, to $ 78.72 of 1403 GMT, towards the fourth weekly increase.
US West Texas Intermediate (WTI) added 24 cents to $ 75.27, set for a sixth week increase.
“The prospect of near the price is still supportive,” said Stephen Brennock from the PVM oil broker.
“The current price trend is one for recovery.” Crude oil also received support from weakness in US dollars.
A weaker dollar makes oil cheaper for other currency holders and tends to reflect an increase in the tastes of the risk of investors.
Brent has risen more than 50% this year and reached a three-year high of $ 80.75 on Tuesday.
OPEC + faces pressure from consumers such as the United States and India to produce more to help reduce prices.
Jeffrey Halley, Analyst at Brokerage Oanda, said there was potential OPEC + Meeting Monday to disappoint in terms of adding more inventory, citing the inability of several members to increase the income and attraction of high prices to increase income.
“Whatever you cut it; short oil is only for brave with a very deep bag,” he said.
Oil also finds support as a surge in natural gas prices globally encourage power producers to stay away from gas.
Generators in Pakistan, Bangladesh and the Middle East have begun to replace fuel.
“The most likely reason for a stable oil price is that investors believe that supply demand gaps will widen as a crisis of deteriorating power,” said Naeem Aslam, Avatrade analyst.
Oil rises above $ 78 as the OPEC + woven tool
