Oil gained moderately on heightened geopolitical tensions

Geopolitical tensions in the Middle East propelled oil prices on Friday, 12 April 2024. Still, the commodity registered a weekly loss due to concerns about slower US interest rate reductions and the International Energy Agency's (IEA) bearish estimate for global oil demand growth.

The IEA revised its projection of the growth in global oil demand downward by 1.2 million bpd for 2024. The previous session's losses, mostly caused by persistent US inflation that dashed expectations of an interest rate decrease as early as June, were offset by Friday's gains.

Brent futures increased by 71 cents to settle at $90.45/barrel.

WTI rose by 64 cents to settle at $85.66/barrel.