Oil prices rose further amid heightened supply risks
As markets looked for any indications of a direct conflict between Israel and Iran that may further restrict supplies, the benchmarks for Brent and WTI crude oil extended gain on Friday, 5 April 2024
As markets looked for any indications of a direct conflict between Israel and Iran that may further restrict supplies, the benchmarks for Brent and WTI crude oil extended gain on Friday, 5 April 2024, marking the fifth day in a row of gains.
According to a NATO officer on Thursday, ongoing Ukrainian drone attacks on Russian refineries may have interrupted over 15% of Russian capacity, affecting the nation's gasoline output.
Meanwhile, OPEC+ pushed certain nations to enhance adherence to output reductions while maintaining the current oil supply policy.
Brent futures increased by 52 cents or 0.57% to settle at $91.17/barrel.
WTI rose by 32 cents or 0.37% to settle at $86.91/barrel.