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Market Update: WTI Crude Heads for Fourth Weekly Gain
WTI crude futures were trading around $72 a barrel on Friday, not far from an over two-year high of $73 per barrel hit on Wednesday, and on track for a fourth consecutive week of gains. Investors were optimistic about an improved outlook for demand as the coronavirus vaccination campaign continues and economies reopen. On the supply side, OPEC+ recently agreed to keep to their plan to gradually ease supply curbs through July, signalling the ongoing strengthening of market fundamentals. Keeping a lid on prices was a stronger dollar, which acted as a headwind for dollar-denominated commodities. [/s2If]
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