Both Brent and WTI are on track to advance more than 4% for the second week in a row after Iran, OPEC’s third-largest producer, vowed to take revenge on Israel.
The oil prices continue to rise on Friday and are heading for a second consecutive week of gains, supported by geopolitical tensions in the Middle Eastconcerns about supply tightening and expectations of demand growth as economies improve.
Brent increased by 36 cents, or 0.4%, reaching $91.01 per barrel. while the West Texas Intermediate in the United States (WTI) registers an increase of 20 cents, or 0.2%, reaching $86.79. Both benchmarks reached their highest level since October on the previous day.
Both Brent and WTI are on track to advance more than 4% for the second week in a row, after Iran, OPEC’s third-largest producer, vowed to take revenge on Israel for an attack that resulted in the deaths of several U.S. military personnel. high rank.
Oil: what the market analyzes
“The market is aware of the possibility of some retaliation by Iran, but does not have concrete details, which generates great uncertainty and nervousness“said Bjarne Schieldrop, analyst at SEB.
Continued Ukrainian drone attacks on refineries in Russia could have disrupted more than 15% of Russian capacity, according to a NATO official on Thursday, affecting the country’s fuel production.
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The Organization of Petroleum Exporting Countries (OPEC) and a group of allies led by Russia, known as OPEC+, decided this week to keep their oil supply policy unchanged, and pressured some countries to increase compliance with production cuts.
ANZ analystsDaniel Hynes and Soni Kumarimentioned in a note that “the new drastic measures on quota compliance should lead to a further decline in production in the second quarter. The outlook for a tighter market should result in a reduction in inventories during the second quarter “.
Investors are awaiting the US jobs report for March, which will be posted later in the dayfor more indications about the health of the economy and the direction of monetary policy.
Source: Ambito
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