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International benchmarks for crude oil concluded the trading day on Friday, July 5, with approximately a 1% loss, influenced by the growing prospect of a ceasefire agreement in Gaza. Despite this daily decline, both Brent and WTI secured their fourth consecutive weekly gains, with Brent rising by 0.4% and WTI by 2.1%. This performance was bolstered by optimism over summer demand in the Northern Hemisphere.

Key Figures:

• Brent Crude: Settled at $86.54/barrel, down by 89 cents or 1.02%.
• West Texas Intermediate (WTI): Closed at $83.16/barrel, losing 72 cents or 0.9%.

Both benchmarks have climbed approximately 14% since early June. However, the demand softness in Asia has tempered this upward momentum, prompting Saudi Aramco to reduce its August crude prices for the region.

Written by: Rochelle Nguyen