Oil prices treaded lightly as MEA tension counterbalanced weak economic outlook
Despite settling slightly lower on Friday, 19 February 2024, global oil prices managed to secure a weekly gain as geopolitical tensions in the Middle East and production disruption in the US took centre stage
Despite settling slightly lower on Friday, 19 February 2024, global oil prices managed to secure a weekly gain as geopolitical tensions in the Middle East and production disruption in the US took centre stage, countering apprehensions about the Chinese and global economies.
Throughout the week, escalating tensions in the Middle East and production disruptions contributed to a buoyant market. These factors overshadowed concerns stemming from China's slower-than-expected economic growth in the fourth quarter. Doubts have emerged regarding earlier projections that anticipated Chinese demand would be a driving force behind global oil growth in 2024.
Brent futures settled 54 cents/barrel lower at $78.56/barrel.
WTI crude fell 67 cents/barrel to settle at $73.41/barrel.