CNBC: Oil looks set to test 3-year high as supplies tighten

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CNBC reports:

Key Points

– Brent crude was up 40 cents, or 0.5% at $77.65 a barrel, by 0037 GMT.

– U.S. oil was up 27 cents, or 0.4%, at 73.57 a barrel.

Oil prices rose for a fourth day on Friday, taking Brent towards three-year highs, as investors focused on tighter supplies amid strong appetite for riskier assets like crude and high hopes for recovery from the pandemic.

Brent crude was up 40 cents, or 0.5% at $77.65 a barrel, by 0037 GMT, after touching a two-month high on Thursday and closing at its highest since October 2018.

U.S. oil was up 27 cents, or 0.4%, at 73.57 a barrel, having closed 1.5% in the previous session, the highest since the start of August.

“Crude prices appear to be on a one-way street that is headed higher … with risk appetite running wild,” said Edward Moya, senior market analyst at OANDA.

In a sign of strengthening fuel demand, capacity utilization rates at U.S. East Coast refineries increased to 93%, the highest since May 2019, Energy Information Administration (EIA) data showed…

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