Oil ended the week on a strong note as US inflation cooled
Supply concerns continue playing an important role in the recent rally, particularly after several producers were forced to suspend production in the Kurdistan region due to pipeline conflicts.
International benchmarks for crude oil ended the trading session on Friday, 31 March 2023 with additional gains. Supply concerns continue playing an important role in the recent rally, particularly after several producers were forced to suspend production in the Kurdistan region due to pipeline conflicts. Further supporting the price hikes was the latest US Personal Consumption Expenditure (PCE) index, which showed inflation cooled off substantially in February.
Brent contracts for May delivery concluded 50 cents higher, or 0.6% at $79.77/barrel.
WTI jumped $1.30 or 1.8% to close at $75.67/barrel.