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Oil Futures Rebound Some; Brent Still Below $80

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05/18/2018 | 06:29am CEST

By Biman Mukherji

--Oil futures were modestly higher in Asian trading Friday following a reversal during U.S. action that saw the Brent global benchmark pull back from Thursday's brief push through $80 a barrel.

--June light, sweet crude on the New York Mercantile Exchange was recently up 0.2% at $71.63 a barrel in the Globex trading session. July Brent rose 0.3% to $79.54.

--With global oil inventories back at 5-year averages and the prospect of fewer companies doing business with Iran due to U.S. sanctions, analysts say oil markets look well-supported despite record U.S. production. Meanwhile, the level that prices start to curb demand "is still some way off," said ANZ Bank.

Write to Biman Mukherji at [email protected]

Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL -0.60% 73.977 Delayed Quote.13.26%
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