OIL-CLOSURE – TELAM Agency
Crude oil prices closed higher today and added their fourth straight week of gains, after the International Energy Agency (IEA) reported that world demand would increase to a record this year thanks to the recovery of consumption in China.
The IEA also warned that production cuts announced by OPEC+ producers could exacerbate the oil supply deficit and hurt consumers.
Brent crude futures were up $0.22, 0.26%, at $86.31 a barrel, while US West Texas Intermediate (WTI) futures were up $0.36, 0.44%. , at $82.52.
Both contracts traded higher for the fourth consecutive week (Brent registered a weekly increase of 1.5%, while WTI advanced 2.4%), in their longest streak since June 2022.
This comes against a backdrop of easing concerns over last month’s banking crisis and last week’s unexpected decision by the Organization of the Petroleum Exporting Countries (OPEC) and other Russian-led producers, a group known as OPEC+, to further cut pumping.
Source: Ambito
