Oil Prices End Two Weeks of Losses, Stabilize Amid Decline in U.S. Inventories
Follow-Up
Oil prices stabilized on Friday after two consecutive weeks of losses, amidst ongoing uncertainty related to the Russia-Ukraine conflict.
Brent crude recorded a slight decline of four cents, settling at $67.63 per barrel, while West Texas Intermediate (WTI) dropped one cent to $63.51. Over the week, Brent achieved gains of 2.7%, compared to 1.1% for U.S. crude.
Analysts suggest that diminishing hopes for a swift mediation by President Donald Trump increase the chances of price volatility, while the market received support from a larger than expected drop in U.S. inventories, which fell by six million barrels, indicating robust demand.
Investors are also anticipating a potential decision to lower U.S. interest rates next month, which could stimulate the global economy and, in turn, support energy consumption.
