Oil inched up despite weekly decline amid Iran-Israel tensions

International benchmarks for crude oil eked out a meagre gain on Friday, 19 April 2024 on signs of de-escalating tension in the Middle East, which reduced the risk premium on oil prices. However, both Brent and WTI posted the largest weekly decline since February.

Also anchored the oil market from advancing were reports of a higher number of rig counts in the US – the first increase in five weeks to 619, signalling higher production output in the near future.

Brent futures increased by 18 cents, or 0.21% to settle at $87.29/barrel.

WTI rose by 41 cents or 0.5% to settle at $83.14/barrel.