Oil market wrapped up the week higher on increased geo-political tension
Global oil benchmarks ended the week on a strong note, rising over 1% on Friday, November 22, 2024, to reach two-week highs. The gains were fueled by escalating geopolitical tensions in Eastern Europe, which heightened concerns about potential disruptions to Russia's oil infrastructure and supply.
Global oil benchmarks ended the week on a strong note, rising over 1% on Friday, November 22, 2024, to reach two-week highs. The gains were fueled by escalating geopolitical tensions in Eastern Europe, which heightened concerns about potential disruptions to Russia's oil infrastructure and supply. Additional support came from recent measures by the Chinese government to boost foreign trade and counter the impact of potential U.S. tariffs.
Brent futures rose 94 cents or 1.3% to settle at $75.17/barrel.
WTI increased by $1.14 or 1.6% to close at $71.24/barrel.
Both benchmarks posted a weekly increase of approximately 6%, marking their highest settlements since November 7.
However, gains were tempered by a stronger U.S. dollar, which increased the cost of oil for international buyers, and weaker-than-expected business activity in the Eurozone, fueling concerns about regional demand.
Written by: Muhammad Hafiz