TOKYO : Oil prices rose for a fourth day on Friday, taking Brent towards three-year highs, as investors focused on tighter supplies amid strong appetite for riskier assets like crude and high hopes for recovery from the pandemic.
U.S. oil was up 27 cents, or 0.4per cent, at 73.57 a barrel, having closed 1.5per cent in the previous session, the highest since the start of August. In a sign of strengthening fuel demand, capacity utilization rates at U.S. East Coast refineries increased to 93per cent, the highest since May 2019, Energy Information Administration data showed.
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