Oil prices were strong today rising more than $1/bbl for the second straight week-over-week gains. Supplies were tighter in some parts of the world and US inflation data was better than it has been which was supportive for prices. Despite Friday’s gains, Brent and WTI recorded monthly declines of 5% and 2% respectively, their steepest since November. Brent settled lower for the third quarter in a row, the first time that has happened since 2015. “The prolonged economic scarring of the last month will likely slow the economy, if not cause a recession, and lower interest rate expectations are not enough to support oil prices in the short term,” said Craig Erlam, senior markets analyst at OANDA. WTI traded up $1.30 or 1.8% to close at $75.67. Brent (for June delivery) traded up $1.29 or 1.6% to close at $79.89.