MELBOURNE (Reuters) – Oil prices rose on Friday, heading for a fifth straight week of gains, with demand growth seen outstripping supply on bets that OPEC+ producers will be cautious in returning more output to the market from August.
U.S. West Texas Intermediate (WTI) crude futures rose 8 cents, or 0.1%, to $73.38 a barrel at 0216 GMT, headed for a 2.4% gain for the week.
Brent crude futures climbed 7 cents, or 0.1%, to $75.63 a barrel, headed for a 2.9% jump for the week.
Both benchmark contracts hit their highest since October 2018 on Thursday.
All eyes are on the Organization of the Petroleum Exporting Countries, Russia and allies – together called OPEC+ – who are due to meet on July 1 to discuss further easing of their output cuts from August.
