Oil Prices Extend Gains As Fundamentals Come Into Focus

Crude oil prices were set to book their third week of gains today as fundamentals begin to resurface as a factor for traders. In pre-noon trade in Asia Brent crude was trading at close to $81 per barrel and West Texas Intermediate was changing hands for $76.41 per barrel, not least because of production disruptions in Libya. Prices moved higher despite a new oil demand estimate from the International Energy Agency that said it expected demand to grow more weakly than previously estimated, because of slower economic growth. The agency continues…