Doha: Oil prices edged higher in early Asian trade on Monday, adding to gains of more than 2% from Friday. Brent crude futures rose 8 cents to $70.44 a barrel, extending a 2.51% gain on Friday. US West Texas Intermediate crude futures climbed to $68.50, up 5 cents, after settling 2.82% higher in the previous session.
According to Qatar News Agency, last week, Brent saw a rise of 3%, while WTI recorded a weekly gain of around 2.2%. This increase followed an announcement by the International Energy Agency, which highlighted that the global oil market might be tighter than it appears. The demand is being supported by peak summer refinery runs to meet travel and power generation needs.