Crude oil futures ended the week on a positive note as inflation fears fade and the global supply glut slowly drains, although the International Energy Agency (IEA) did revise its demand projection downward.
In the coming week, oil prices are expected to be little changed as India’s coronavirus situation lingers and fuel supplies in the US returned this week after a cyber attack forced a shutdown at the nation’s main fuel pipeline.
Brent, the international benchmark for two-thirds of the world’s oil, closed the trading at $68.71 a barrel after gaining 2.48 percent.
Likewise, the US West Texas Intermediate (WTI) crude futures ended higher with 2.43 percent gain to reach $65.37 a barrel.
The price for Opec Basket was recorded at $66.57 a barrel with 2.39 percent decrease, Arab Light was available at $66.24 a barrel with 2.03 percent decrease while price of Russian Sokol decreased 2.16 percent to reach $67.12 a barrel.—TLTP