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LONDON (Reuters) - Oil prices were little changed on Friday, with Brent holding near $70 a barrel as strong U.S. economic data and expectations of a rebound in global demand offset concerns about more supply from Iran once sanctions are lifted.
FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford/File Photo
Brent was up 8 cents, or 0.1%, to $69.54 a barrel by 0902 GMT, while U.S. West Texas Intermediate crude rose 11 cents, or 0.2%, to $66.96 a barrel.
”Boosted by good economic data and risk appetite among investors on the financial markets, Brent is making a renewed bid for the psychologically important $70 per barrel mark,” said Commerzbank analyst Eugen Weinberg.
A rally in Asia put global equities on track for a seventh day of gains on Friday as investors bet the U.S. will lead the world out of the COVID-19 pandemic, with the focus turning to a multi-trillion dollar spending boost by the Biden administration.
The European Union will look at hitting Belarus's big potash exports as well as its oil and financial sectors with new sanctions, as punishment for forcing down a Ryanair flight to arrest a journalist, EU foreign ministers said.
Total investors have backed the French energy firm's strategy, including its approach on climate change, in shareholder votes, chairman and CEO Patrick Pouyanne said on Friday.
Safe-haven assets such as cash and gold funds drew investors during the week to Wednesday, BofA's fund flow statistics showed on Friday, a sign of growing concern over inflation and the potential roll back of central bank stimulus.