Oil prices up..“Brent” heads for weekly gains

Oil prices rose on Friday, after falling on Thursday for the second session in a row, which led to erasing the weekly loss, amid expectations of higher demand and disruption of a major pipeline in North America.

West Texas Intermediate futures surged above $97 a barrel in the final session of a volatile week in which prices have hovered in a range of around $10.

Brent crude is heading for its first weekly gain in 6 weeks, supported by optimism about the demand recovery in Asia.

Meanwhile, European Central Bank President, Christine Lagarde, warned in a press conference, Thursday, after the decision to raise interest rates by the largest rate increase since 2000, of the intensification of inflation risks, but she pointed out that the bank does not see an economic recession this year or next.

In addition, the resumption of production in several oil fields in Libya this week curbed the gains of Brent crude, as production is expected to return to 1.2 million barrels per day within a week to 10 days.

It is noteworthy that investors are watching the impact of the disruption along the Keystone pipeline, as TC Energy cut operating rates by about 15% along a strip stretching from Canada’s oil sands to Cushing, Oklahoma, after a power supply disruption.