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Oil fell, but still closed its fourth week higher

Oil fell, but still closed its fourth week higher
Oil fell, but still closed its fourth week higher

Crude oil fell from multi-month highs on concerns about demand amid a possible Gaza deal.

Photo: Freepik

The oil prices fell on Friday but traded near their highest level since late April and completed a fourth consecutive week of Profits, driven by hopes of strong fuel demand in the northern summer and some concerns about supply.

The futures of the Brent crude oil fell 89 cents, or 1.02%, to $86.54 a barrel, and crude oil prices fell 1.02% to $86.54 a barrel. West Texas Intermediate in United States (WTI) fell 72 cents, or 0.9%, to $83.16. For the week, Brent rose 0.4%, while WTI futures rose 2.1%.

With the US market closed on Thursday for Independence Day celebrations, trading was thin and there was no settlement for WTI, but prices rose this week on strong demand. summer demand expectations in United States.

“Those who have kept the faith that the travel season would eventually arrive are shining with their foresight and the numerous calls for a much better path for the bulls in the third quarter seem to be holding true at this point,” he said. John Evans, oil analyst PVM.

Possible progress in Gaza

The boss of the Mossad return from Doha after an initial meeting with mediators trying to reach a ceasefire in Loop and a hostage release agreement. Negotiations will resume next week, the prime minister’s office said on Friday. Benjamin Netanyahu.

“Obviously a breakthrough would help calm the waters,” he said. John Kilduff, partner at Again Capital. A relief from the conflict in Middle East reduces the risk premium of barrels outside the region and weighs on oil prices Petroleum.

Meanwhile, it is worth remembering that the Energy Information Administration The US crude oil company reported a massive draw of 12.2 million barrels in inventories last week, compared with analysts’ expectations for a 700,000-barrel reduction.

On the supply side, Reuters reported on Thursday that Russian oil producers Rosneft and Lukoil They will make deep cuts to oil exports from the port of Black Sea of Novorossiysk in July.

Source: Ambito

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