Oil climbs to highest since 2018 on demand growth, OPEC+ caution

Global benchmark Brent futures closed at $76.18 while United States West Texas Intermediate crude rose to $74.05 – the highest closes for both since October 2018.

Oil prices climbed to their highest since October 2018 on Friday, putting both benchmarks up for a fifth week in a row on expectations that demand growth will outstrip supply and OPEC+ will be cautious in returning more crude to the market from August onwards. Global benchmark Brent futures rose 62 cents, or 0.8 percent, to settle at $76.18 a barrel, while United States West Texas Intermediate (WTI) crude rose 75 cents, or 1.0 percent, to $74.05. Those were the highest closes for both benchmarks since October 2018 and put both contracts up over 3 percent for the week.