Oil prices edged higher on Friday, lifted by ongoing supply cuts led by producer club OPEC and by U.S. sanctions on petroleum exporters Iran and Venezuela.
International Brent crude oil futures were at $71.07 per barrel at 0541 GMT, up 18 cents, or 0.3 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $63.84 per barrel, up 26 cents, or 0.4 percent, from their previous settlement.
“We see Brent and WTI prices averaging $75 per barrel and $67 per barrel respectively through the rest of this year, but risk is asymmetrically skewed to the upside,” RBC Capital Markets said in a note.
Reabold Resources (LON:RBD) invests in operating companies whose main value driver is the oil & gas asset of interest. Reabold can thereby run a low-cost, non-operator business model where the monetisation versus the entry price of the oil & gas projects it invests in will be the key determinant of value. Monetisation of investments depends on the extent of any success and market conditions. These include an asset sale, IPO or putting the asset into production.