Oil futures ended a strong week on an up note Friday, with global benchmark Brent crude ending above the psychologically important $70-a-barrel threshold as traders remained focused on signs of tightening global supplies.
June Brent rose 94 cents, or 1.4%, to close at $70.34 a barrel on ICE Europe, its highest close since Nov. 8. Brent briefly traded above $70 on Thursday before pulling back from its session high. Brent rose 4.1% for the week, for its second consecutive positive weekly performance.
The U.S. benchmark, West Texas Intermediate crude for May delivery on the New York Mercantile Exchange, rose 98 cents, or 1.6%, to finish at $63.08 a barrel. It rose 4.9% for the week, for its fifth straight weekly win. Brent is up 30.7% in the year to date, while WTI has rallied nearly 39%.
Source : Marketwatch