Oil rises for second week amid geopolitical tensions
Oil prices extended gains on Friday and were headed for a second weekly gain, boosted by geopolitical tensions in Europe and the Middle East, concerns about supply shortages and optimism about rising global fuel demand as economies improve.
"Oil prices appear to have the potential to rise further in the near term as a more positive economic backdrop is accompanied by ongoing supply shortages and rising geopolitical risks," ANZ analysts Daniel Hynes and Soni Kumari said in a note as the bank raised its three-month forecast. Brent target price is $95 per barrel.
Brent and WTI are set to...