(ABS-CBN)
Oil prices climbed on Friday to their highest levels in a year, extending a run of strong gains on signs of economic growth in the United States and a continued commitment by producers to hold back crude supply.
“Rising confidence in an upturn in economic and oil demand recovery around the corner is a major impetus for crude,” said Vandana Hari, energy analyst at Vanda Insights.
“Right now, the concurrent tightening of supply due to the additional Saudi cuts is adding to the tailwinds,” Hari said. “Brent may be well on its way to the $60 milestone.”
