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 offset concerns about more supply from Iran once sanctions are lifted.
Brent crude was down 16 cents, 0.2%, to $69.30 a barrel by 0809 GMT, while U.S. West Texas Intermediate crude was up 3 cents, or less than 0.1%, at $66.88 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.
