Radio ExpressTV
Live
Cautious Stability in Oil Prices Amid Supply Concerns and Anticipated Weekly Losses
Oil prices stabilized in Asian markets on Friday, following a decline in the previous session. They are on track for weekly losses for the second consecutive week, driven by ongoing supply concerns amid rising tensions between the United States and Iran.
Brent crude futures rose by three cents, or 0.04%, reaching $67.55 per barrel, after a 2.7% drop in the last session. Meanwhile, West Texas Intermediate crude increased by one cent, or 0.02%, settling at $62.85 per barrel, following a decline of approximately 2.8% during Thursday’s trading.
Data indicates that Brent crude is likely to record a weekly decrease of around 0.8%, while US crude is expected to endure weekly losses nearing 1.1%.
Conversely, forecasts from the International Energy Agency have added pressure on the market, after it suggested in its monthly report released on Thursday that global oil demand growth this year may be weaker than previously estimated. It also anticipated that total supply would exceed demand, heightening the cautious sentiment among investors.
