Crude oil declines, but stays near $70 as demand recovery hopes lend support
SINGAPORE: Brent crude prices eased on Friday but hovered near $70 a barrel as production cuts by major oil producers constrained supply, with optimism about a recovery in demand for the resource in the second half of the year also lending support.
Brent crude futures for May slipped 17 cents, or 0.2%, to $69.46 a barrel by 0109 GMT while U.S. West Texas Intermediate crude for April was at $65.79 a barrel, down 23 cents, or 0.4%.
Front-month Brent is on track to post weekly gains for the eighth week after touching a 13-month high on Monday following attacks on Saudi Arabian oil facilities.
