Oil market hit 8-week highs on favourable economic growth, MEA tension
The surge was propelled by bullish US economic data in the 4Q2023 and encouraging signs of Chinese stimulus, which heightened expectations for increased oil demand.
International benchmarks for crude oil ended the trading session on Friday, 26 January 2024 with additional gains, pushing the market to the highest levels in nearly two months. The surge was propelled by bullish US economic data in the 4Q2023 and encouraging signs of Chinese stimulus, which heightened expectations for increased oil demand.
Also adding to the upward pressure is the escalating tension in the Middle East that threatens supply and delivery.
Brent crude futures rose $1.12/barrel, or 1.4%/barrel, to settle at $83.55/barrel.
WTI climbed 65 cents/barrel or 0.8%/barrel to close at $78.01/barrel.