Oil prices rise after three days of losses

Oil prices increased on Friday, recovering from three days of losses, as traders were upbeat about fuel demand recovery this summer as vaccination programs in Europe and the US would allow more people to travel.

Meantime, Moderna reportedly is reviewing the option of producing its vaccine against COVID-19 in Asia, with Japan being the top pick for the location.

The oil market is up almost 30% this year, after recovering to pre-pandemic levels in mid-March.

At around 06:45 AM GMT, WTI crude gained 0.4% to $62.17 a barrel, while Brent oil added 0.2% to $65.16 a barrel.

For the week, both benchmarks fell nearly 5% and are on track to post their biggest weekly loss since March, on concerns over the latest wave of virus cases in India.

Meantime, the US-Iran nuclear talks reportedly will enter the 5th phase early next week, with the success of it could result in sanctions on Tehran being lifted and more supply coming to the market.

Source: Trading Economics