Oil edged further above $65 a barrel on Friday as concerns about a possible rene...
LONDON - Oil edged further above $65 a barrel on Friday as concerns about a possible renewed spike in Middle East tensions outweighed rising U.S. inventories and other signs of ample supply.
“Hostilities may have ended for the time being, but the longer-term risks of conflict have by no means vanished,” said Stephen Brennock of oil broker PVM.Brent crude LCOc1, the global benchmark, was up 24 cents at $65.61 by 1155 GMT, and was heading for its first weekly decline in six weeks, down over 4%. U.S. West Texas Intermediate crude CLc1 added 11 cents to $59.67.
“The closing hours of Friday are traditionally filled by short-covering due to the impossibility to react during the weekend.”
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