Tuesday, March 19, 2024 | Ramadan 8, 1445 H
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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Oil steady as Middle East tensions mounts, set for weekly gains

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TOKYO: Oil prices were steady on Friday, giving up earlier gains, and were on track for the first weekly increases this month, as rising tensions in the Middle East stoked fears of supply disruptions.


Brent crude futures were at $72.61 a barrel at 0658 GMT, down 1 cent, from their last close, reversing earlier increases. Brent was up 2.9 per cent for the week, on track for its first gain in three weeks.


US West Texas Intermediate (WTI) crude futures were at $63.95 per barrel, up 8 cents. WTI was headed for a weekly gain of 2.1 per cent, the first rise in four weeks. The market is also awaiting a decision from the Organization of the Petroleum Exporting Countries (OPEC) and other producers over whether to continue with supply cuts that have boosted prices more than 30 per cent so far this year.


A meeting of Opec’s ministerial monitoring committee in Saudi Arabia this weekend will assess member states’ commitment to a deal reducing oil production, Iraq’s oil minister said on Thursday. — Reuters


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