Singapore, Crude prices are heading for a fourth week of strong gains, remaining near their highest levels since late April, fueled by hopes of strong US fuel demand during the summer and some concerns about supplies.
Brent crude futures dropped two cents in Asian trading today to $87.41 per barrel, after rising seven percent over the past four weeks. Meanwhile, US West Texas Intermediate (WTI) futures, which climbed nine percent over the same period, rose nine cents to $83.97 per barrel.
The rise in oil prices this week is supported by expectations of increased demand during the summer in the United States, the world’s largest oil consumer.
Source: Qatar News Agency