Oil rises after U.S. Navy destroys Iranian drone
TOKYO - Oil prices climbed around 2% on Friday after the U.S. Navy destroyed an Iranian drone in the Strait of Hormuz, a major chokepoint for global crude flows, again raising tensions in the Middle East.
West Texas Intermediate crude CLc1 futures firmed 97 cents, or 1.8%, at $56.27. They ended 2.6% lower in the previous session, and are heading for a weekly decline of more than 6%. The United States said on Thursday that a U.S. Navy ship had “destroyed” an Iranian drone in the Strait of Hormuz after the aircraft threatened the vessel, but Iran said it had no information about losing a drone.
The IEA is revising its 2019 global oil demand growth forecast to 1.1 million barrels per day and may cut it again if the global economy and especially China shows further weakness, Fatih Birol said.
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