Oil Prices Continue to Rise

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The political crisis in Venezuela and Libya coupled with the sustained U.S. sanctions on Iran, International Brent Crude Oil futures maintained its upward growth trend, climbing to $71.03 per barrel on Friday, up 20 cents, or 0.2 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $63.82 per barrel, up 24 cents, or 0.4 percent, from their previous settlement, Reuters reported

“We see Brent and WTI prices averaging $75 per barrel and $67 per barrel respectively through the rest of this year, but risk is asymmetrically skewed to the upside,” RBC Capital Markets said in a note.

“Geopolitically infused rallies could shoot prices toward or even past the $80 per barrel mark for intermittent periods this summer,” the Canadian bank said.

 

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