Oil inches higher as upbeat demand outlook counters supply concerns

Oil prices inched higher on Friday, with Brent holding near $70 a barrel as strong U.S. economic data and expectations of a rebound in global demand outweighed concerns about more supply from Iran once sanctions are lifted.

Brent was up 33 cents, or 0.5%, at $69.79 a barrel by 1333 GMT, and U.S. West Texas Intermediate crude rose 44 cents, or 0.7%, to $67.29 a barrel.

“Boosted by good economic data and risk appetite among investors on the financial markets, Brent is making a renewed bid for the psychologically important $70 per barrel mark,” said Commerzbank analyst Eugen Weinberg.

“Concerns about demand because of the pandemic are giving way to optimism in view of the rapid return of consumers,” he added.