Oil steady near $70 on hopes of recovering demand
Oil hovered near $70 a barrel on Friday, supported by production cuts by major oil producers and optimism about a demand recovery in the second half of the year.
Benchmark Brent fell 14 cents, or 0.2 per cent, to $69.49 a barrel by 1321 GMT while US West Texas Intermediate crude was at $65.90 a barrel, down 12 cents, or 0.01 per cent.
Brent is on track to end the week flat after prices touched a 13-month high on Monday, following seven straight weeks of gains.
The Organization of Petroleum Exporting Countries forecast a stronger oil demand recovery this year, weighted to the second half. OPEC, Russia and its allies decided last week to maintain its output curbs almost unchanged.
