|
|
Oil market concluded higher on Friday, marking the first weekly gain since JulyCrude oil prices surged on Friday, 09 August, marking their first weekly gain since early July. This rise was driven by positive economic indicators and hints from Federal Reserve policymakers that interest rate cuts could come as early as September, alleviating demand concerns. |
|
Crude oil prices surged on Friday, 09 August, marking their first weekly gain since early July. This rise was driven by positive economic indicators and hints from Federal Reserve policymakers that interest rate cuts could come as early as September, alleviating demand concerns. Additionally, fears of escalating conflict in the Middle East continued to heighten supply risks.
Brent futures climbed by 50 cents, or 0.6%, to settle at $79.66 per barrel.
WTI increased by 65 cents, or 0.9%, closing at $76.84 per barrel.
Also supporting the gain was China's consumer price index showed a slight but unexpected increase last month, signaling potential economic resilience. Additionally, the shutdown of Libya’s largest oil field, a sixth consecutive week of US stockpile reductions, and Ukraine’s incursions into Russia contributed to bolstering prices.
Written by: Rochelle Nguyen
