Oil on track to post weekly gain

Oil prices rose on Friday and were on track to report a slight weekly gain as falling crude stocks offset demand concerns.

Brent, the benchmark for two thirds of the world’s oil, was trading 0.88 per cent higher at $80.34 a barrel at 10.11am UAE time while West Texas Intermediate, the gauge that tracks US crude, was up 0.91 per cent at $76.34.

On Thursday, Brent settled 0.23 per cent higher at $79.64 a barrel while WTI was up 0.53 per cent at $75.65.

Wildcat Petroleum plc (LON:WCAT) was incorporated in early 2020, with plans to work and invest in the upstream sector of the petroleum industry – namely exploration, appraisal, development and production of oil and gas.  

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