Oil Prices Rise, Posting Weekly Gains

Oil prices rose on Friday, notching modest gains for the week.
   
For June delivery, the West Texas Intermediate added 1.55 U.S. dollars to settle at 65.37 dollars a barrel on the New York Mercantile Exchange. Brent crude for July delivery increased 1.66 dollars to close at 68.71 dollars a barrel on the London ICE Futures Exchange.

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 Oil Prices Rise as Traders Weigh Pipeline Shutdown Impact
   

Traders eyed updates concerning the Colonial Pipeline, operator of the pipeline carrying gasoline and diesel fuel to U.S. east and southeast parts.
   
The company said Wednesday that it initiated the restart of the pipeline after it was forced to shut down for six days due to a cybersecurity attack.
   
U.S. President Joe Biden said on Thursday that the nation's fuel supply would take time to return to normal after the pipeline cyber attack.
   
Investors also assessed the prospects of fuel demand.
   
According to the latest forecasts published by the International Energy Agency (IEA) on Wednesday, global oil demand is set to increase by 5.4 million barrels per day this year, about 300,000 barrels less than previously thought. This is due to downward revisions for the first and second quarters. The IEA continues to envisage a robust recovery of demand in the second half of the year.
   
The U.S. crude benchmark gained 0.7 percent for the week, while Brent crude climbed 0.6 percent, based on front-month contracts.