WASHINGTON (dpa-AFX) - Crude oil prices were flat Friday morning, holding strong recent gains amid speculation OPEC supplies are dwindling.
OPEC officials told Reuters that this month's spike in oil prices is due to temporary geopolitical tensions and not a fundamental re-balance in oil markets. Therefore, the carter is expected to continue its supply quota plan with Russia.
Yesterday, London's Brent crude topped $80 a barrel for the first time in years. WTI light sweet crude oil jumped to a 4-year peak near $72 a barrel. Prices are little changed this morning ahead of the U.S. rig count from Baker Hughes.
The Baker Hughes report has shown a significant uptick in active oil rigs over the past few months, with the U.S. shale boom in full effect.
In economic news, Eurozone trade surplus increased in March from a month earlier, as exports grew faster than imports, data from Eurostat showed Friday.
The seasonally adjusted trade surplus rose to EUR 21.2 billion in March from EUR 20.9 billion in February.
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