Brent Extends Gains

Brent crude oil futures hovered around $69.6 per barrel on Friday, holding a 1.5% gain from the previous session, supported by prospects of tighter supply and an improved demand outlook.

Drone attacks in Iraq’s Kurdistan region cut output by up to 150,000 bpd, while ongoing regional instability and Israeli strikes in Syria added to market jitters.

In broader markets, strong US economic data eased growth concerns despite trade tensions, while better-than-expected Chinese GDP figures improved the demand outlook from key consumers.

Reinforcing this view, US crude inventories dropped sharply last week, consistent with the IEA’s observation that rising output has not led to higher stockpiles, indicating firm demand.

Still, oil is heading for a weekly loss of more than 1%, the first in three, after President Trump gave Russia a 50-day deadline to agree to a ceasefire earlier in the week, easing fears that fresh sanctions could disrupt global crude supplies.