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Oil gained 1% on Friday but decline for the weekBullish expectations over the summer demand in the US drove the market higher, however, traders are obviously anxious about the FED’s interest rate decision. |
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International benchmarks for crude oil ended the trading session on Friday, 24 May 2024 at around 1% higher as investors took a step back to assess if the recent sell-off was exaggerated. Still, both benchmarks – Brent and WTI posted a weekly decline of more than 2%.
Bullish expectations over the summer demand in the US drove the market higher, however, traders obviously anxious about the FED’s interest rate decision. Higher-for-longer lending rates environment tends to impede oil demand.
Meanwhile, in an unusual disclosure, Russia admitted it surpassed its OPEC+ production quota in April due to "technical reasons," underscoring Moscow's difficulties in controlling output.
Brent futures increased by 76 cents to settle at $82.12/barrel.
WTI rose by 85 cents or 1.1% to settle at $77.72/barrel.
