NEW YORK :Oil prices rose for a third week in a row to a near three-year high on Friday as global output disruptions have forced energy companies to pull large amounts of crude out of inventories.Brent futures rose 84 cents, or 1.1per cent, to settle at US$78.09 a barrel, while U.S. West Texas Intermediate crude rose 68 cents, or 0.9per cent, to settle at US$73.98.
Some disruptions could last for months and have already led to sharp draws in U.S. and global inventories. [EIA/S] Some members of the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, have struggled to raise output due to under-investment or maintenance delays during the pandemic.
Edward Moya, senior market analyst at OANDA, said:"Extra Iranian barrels of crude seem unlikely to be a 2021 story," noting negotiations"will be a long drawn-out process."
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