Oil prices surged over 4% in a rebound from the four-month low
In a volatile week for the energy market, oil prices experienced a notable rebound on Friday, 17 November surging more than 4% from a four-month low recorded in the previous session.
In a volatile week for the energy market, oil prices experienced a notable rebound on Friday, 17 November surging more than 4% from a four-month low recorded in the previous session. Investors, who had taken short positions, seized the opportunity to take profits, contributing to the upward momentum. Additionally, the imposition of US sanctions on certain Russian oil shippers provided support to the market.
Despite the Friday rebound, both Brent and WTI benchmarks concluded the week with over a 1% decline, marking their fourth consecutive weekly loss.
Brent crude futures saw a significant increase, settling $3.19/barrel or approximately 4.1%/barrel close at $80.61/barrel.
WTI crude also rose $2.99/barrel or 4.1%/barrel, closing at $75.89/barrel.