2024-02-17 01:00:00
Oil prices rose at the close on Friday, following geopolitical tensions in the Middle East overshadowed the expectations of the International Energy Agency, which warned of a slowdown in demand.
Brent crude futures rose 61 cents, or 0.74 percent, at settlement to $83.47 per barrel.
Oil prices today
US West Texas Intermediate crude futures also rose $1.16, or 1.49 percent, to $79.19 per barrel.
Brent also rose by more than one percent by the end of the week, while US crude rose by regarding three percent.
Prices received support due to the increasing risk of a broader conflict in the Middle East.
Exacerbating fears of high inflation
Producer prices in the United States rose more than expected in January, which may exacerbate fears of inflation rising once more.
The International Energy Agency said Thursday that the growth of global oil demand is slowing, and it reduced its growth forecast in 2024.
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