Global crude oil prices dipped on Friday, but mark fourth weekly gain
International crude oil benchmarks edged lower on Friday, January 17, 2025, but secured their fourth consecutive weekly increase as traders retreated to the sidelines to recalibrate the outlook.
International crude oil benchmarks edged lower on Friday, January 17, 2025, but secured their fourth consecutive weekly increase as traders retreated to the sidelines to recalibrate the outlook. The latest round of US sanctions targeting the Russian energy trade heightened concerns over potential disruptions to global oil supplies.
Brent settled at $80.79/barrel, a decline of 50 cents or 0.6% on the day. Despite this dip, Brent crude posted a 1.3% gain over the week.
WTI dropped by 80 cents, or 1%, closing at $77.88/barrel but still recorded a weekly rise of 1.7%.
The US sanctions have amplified global energy market pressures, driving up freight costs and forcing major Russian crude buyers like China and India to explore alternative suppliers. Market attention also turns to the imminent inauguration of President-elect Donald Trump on January 20, as traders weigh the potential impact of the new administration's policies on Russian sanctions and global energy dynamics.
Meanwhile, a recent ceasefire in Yemen and reduced tensions in Gaza have eased fears of further disruptions to shipping lanes in the Red Sea. These developments have slightly dampened upward pressure on oil prices, providing a cautious sense of relief to the market.