Crude prices rise on IEA report

Crude prices rose Friday as a report from the International Energy Agency (IEA) raised concerns on output.

The Paris-based IEA expressed concern over the ability of refiners and the Organization of Petroleum Exporting Countries' ( OPEC) willingness to meet an expected jump in oil product demand of 1.6 million barrels a day in June, urging OPEC to increase output.

Light, sweet crude for June delivery rose 56 cents to 62.37 dollars a barrel on the New York Mercantile Exchange.

June Brent crude was up 1.04 dollars to 66.83 dollars a barrel on London's ICE Futures exchange.

Source: Xinhua