Oil Price Climbs Higher Third Time in One Week

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Brent crude posted its third weekly gain on Friday, March 10, supported by an optimistic report from the International Energy Agency.

However, analysts warned that a large glut of oil remained, with Goldman Sachs warning that U.S. crude could saturate storage in the coming months.

U.S. crude futures were trading at 38.64 dollars a barrel, up 80 cents from their last close, having hit a 2016 high of 38.96 dollars earlier in the day. Brent crude futures were at 40.65 dollars a barrel, up 60 cents, and on track for their third weekly gain in a row.

“We expect a decision next week on imposing sanctions on these three,”one EU diplomat said.

He stressed that EU foreign ministers are not expected to decide on Monday but that a decision could come later in the week.

-bizwatchnigeria

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