The comment comes at a time when the spare capacity of members of the Organization of the Petroleum Exporting Countries (OPEC) is running out.
Still, the United States could secure a commitment from OPEC to increase production in the coming months, hoping to signal to the market that supplies will arrive if needed.
Oil prices ended higher on Friday, in line with stock markets. Hedging purchases ahead of the weekend pushed prices higher, in a market that remains tense.
crude oil futures Brent for delivery in September they went up $2.07,a u$s101.16 per barrel, while crude WTI won u$s1.88,a $97.59. In this way they managed to overcome the ups and downs of the week and reversed losses that made the commodity drill the u$s100. The Brent added its third weekly drop and the WTI its second weekly drop.
“Part of the support (for prices) is that everyone who looks into the Saudi situation sees that they don’t have much capacity left.”said John Kilduff, a partner at Again Capital LLC in New York.
Uncertainty over interest rates and weak economic data saw Brent and WTI lose more than $5 on Thursdaytrading below the closing price on February 23, the day before Russia invaded Ukraine, although both contracts recovered almost all losses by the end of the session.
Analysts foresee continued pressure on oil due to concerns about the world economy. “Brent has fallen below $100 a barrel this week. It is likely to continue to declineas recession fears will not subside for the time being,” Commerzbank said in a note.
Source: Ambito
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