Oil prices rise amid demand optimism

By Trend

Oil prices advanced on Friday as traders were optimistic about the prospect of demand recovery, Trend reports citing Xinhua.

The West Texas Intermediate for August delivery added 75 cents to settle at 74.05 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for August delivery increased 62 cents to close at 76.18 dollars a barrel on the London ICE Futures Exchange.

"Sentiment and price momentum remain extremely positive," Eugen Weinberg, energy analyst at Commerzbank Research, said in a note on Friday.

Traders also awaited a key meeting of the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, as the group is slated to meet on July 1 to review production levels.