WASHINGTON (dpa-AFX) - Oil prices eased on Friday but held near recent highs on optimism about a recovery in demand.
Brent crude futures for May settlement were little changed with a negative bias at $69.62 a barrel, while U.S. West Texas Intermediate crude for April delivery were down 0.2 percent at $65.96.
Investors are treading cautiously as a fresh spike in U.S. Treasury yields sent ripples through financial markets.
The 10-year U.S. Treasury yield crept back above 1.6 percent after the release of better-than-expected jobless claims data.
In a monthly report released on Thursday, the Organization of the Petroleum Exporting Countries (OPEC) said demand will rise by 5.89 million barrels per day (bpd) in 2021, or 6.5 percent, up slightly from last month.
'Total oil demand is foreseen to reach 96.3 million bpd with most consumption appearing in the second half,' the group said.
OPEC's crude oil production fell by 650,000 barrels per day (bpd) in February, due to the extra cut from top producer and de facto leader Saudi Arabia.
Copyright RTT News/dpa-AFX
© 2021 AFX News
