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Journalism of Courage
Oil prices edged back above $47 a barrel on Friday, shrugging off an Opec pledge to keep output at full tilt amid expectations of strong demand growth later in the year and as a strike choked refinery operations in France.
US light sweet crude rose 52 cents to $47.44 a barrel, regaining the 33-cent loss on Thursday that pushed the market to settle below $47 a barrel for the first time since Feb. 9. London Brent rose 42 cents to $48.30.
Opec chief Sheikh Ahmad al-Fahd al-Sabah said on Friday demand growth forecasts indicated Opec would not need to trim output at its meeting next month. —Reuters
