Brent crude was on track for its third weekly gain on
Friday, supported by an optimistic report from the International Energy Agency.
Still, analysts cautioned 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,” said one EU diplomat.
He stressed that EU foreign ministers are not expected to
decide on Monday but that a decision could come later in the week.