Oil prices surge on strong demand and global tensions
Published: 03:01 PM,Jan 28,2024 | EDITED : 07:01 PM,Jan 28,2024
Workers walk as oil pumps are seen in the background in the Uzen oil and gas field in the Mangistau Region.__REUTERS
HOUSTON: prices rose for a second week in a row and settled at their highest in nearly two months on Friday as positive U.S. economic growth and signs of Chinese stimulus boosted demand expectations, while Middle East supply concerns added support. Brent crude futures rose $1.12, or 1.4 per cent , to settle at $83.55 a barrel, their highest close since Nov 30. U.S. West Texas Intermediate crude (WTI) climbed 65 cents or 0.8 per cent to $78.01, also the highest close since November.
Both benchmarks made weekly gains of more than 6 per cent , marking their biggest weekly increase since the week ending Oct. 13 after the start of the Israel-Hamas conflict in Gaza.
'Economic stimulus from China, stronger-than-expected 4Q GDP growth in the U.S., cooling U.S. inflation data, ongoing geopolitical risks, and the larger-than-expected 9.2 million-barrel drop in U.S. commercial crude stocks for last week have all combined to wedge prices higher,' said Tim Evans, an independent oil market analyst.__Reuters
Both benchmarks made weekly gains of more than 6 per cent , marking their biggest weekly increase since the week ending Oct. 13 after the start of the Israel-Hamas conflict in Gaza.
'Economic stimulus from China, stronger-than-expected 4Q GDP growth in the U.S., cooling U.S. inflation data, ongoing geopolitical risks, and the larger-than-expected 9.2 million-barrel drop in U.S. commercial crude stocks for last week have all combined to wedge prices higher,' said Tim Evans, an independent oil market analyst.__Reuters