2024-04-13 06:26:19
InfoQuest – West Texas Crude Oil (WTI) futures in New York closed higher on Friday (April 12), supported by geopolitical tensions in the Middle East that might affect oil supplies. But oil contracts dropped this week following the International Energy Agency (IEA) predicted a sluggish outlook for global oil demand. and was pressured by the likelihood that interest rates would be cut less than expected in the United States.
The WTI crude oil contract will be delivered in May. rose 64 cents, or 0.75%, to close at $85.66/barrel. and Brent crude oil contract (BRENT) for delivery in June. rose 71 cents, or 0.79%, to close at $90.45/barrel.
In this week WTI crude futures were down more than 1% and Brent crude futures were down 0.8%.
Oil prices are near the highest level in 6 months due to concerns that Iran, the third-largest oil producer in OPEC It may be in response to Israel’s attack on Iran’s embassy in Syria last week.
Crude oil prices rose even though the IEA lowered its forecast for global oil demand expansion this year to 1.2 million barrels per day. While the OPEC group revealed on Thursday that Global oil demand may increase by 2.25 million barrels per day this year.
The oil market was also supported by the announcement of energy services company Baker Hughes. The number of oil and gas rigs, which indicate future oil production, fell by three to 617 in the week to April 12, the lowest number since November. 2023
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