Oil Price Climbs Higher Third Time in One Week

Brent crude posted its third weekly gain on Friday, March 10, supported by an optimistic report from the International Energy Agency.

However, analysts warned that a large glut of oil remained, with Goldman Sachs warning that U.S. crude could saturate storage in the coming months.

U.S. crude futures were trading at 38.64 dollars a barrel, up 80 cents from their last close, having hit a 2016 high of 38.96 dollars earlier in the day. Brent crude futures were at 40.65 dollars a barrel, up 60 cents, and on track for their third weekly gain in a row.

“We expect a decision next week on imposing sanctions on these three,”one EU diplomat said.

He stressed that EU foreign ministers are not expected to decide on Monday but that a decision could come later in the week.