Oil trade headed for a fifth weekly rise, having recorded an increase to its highest level since October 2018 amid the prospect of rising demand.
US WTI futures traded higher around $ 73.45 a barrel in the Asian session, pointing to a 2.4% gain this week.
Meanwhile, Brent crude traded stronger at $ 75.72 a barrel, up 2.9% this week.
All focus is now on a meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its ally, OPEC+ on July 1 to decide on further reductions in crude oil production in August.
Rising fuel consumption in major countries including the United States and Europe has cut supplies rapidly, prompting Bank of America (BAC) to predict the benchmark Brent crude will hit $ 100 a barrel next year.
Meanwhile, investors continue to follow developments on negotiations to revive Iran’s nuclear deal which still has no indication when it will be restarted after it was halted last week.
