SINGAPORE (Reuters) -Oil prices were little changed on Friday, with Brent holding near $70 a barrel as firm U.S. economic data and expectations of a strong rebound in global demand in the third quarter offset concerns about more supply from Iran once sanctions are lifted.
Brent crude futures for July fell 9 cents, 0.1%, to $69.37 a barrel by 0643 GMT while U.S. West Texas Intermediate crude for July was at $66.90 a barrel, up 5 cents, or 0.1%.
Prices are “running up against a wall”, Howie Lee, economist at Singapore’s OCBC bank said, referring to technical charts that showed prices have hit resistance levels.
“$65-$70 should still be the holding zone for oil unless there is a very good reason to go above $70,” he said.
