New York-Crude prices settled just above opening levels Friday as the market searched for its next direction in the wake of Thursday’s selloff.ICE July Brent settled up 10 cents at $70.85/b and NYMEX June WTI was 13 cents higher at $61.94/b at market close.”The market seems to be consolidating just below highs,”Tradition Energy analyst Gene McGillian said.”That’s a signal it is hunting for the next driver,and I think that will be whether the production cut agreement gets extended.”The US Department of Energy on Thursday reiterated its confidence that the world’s major oil producers can offset any potential supply disruption as tougher US sanctions remove more Iranian barrels from the market.
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