Brent crude ends week with 5% gain

0
11
Factual Pursuit of Truth for Progress

 

Brent crude gained 0.14 to trade at $34.70 as it recovers some of its losses earlier in the oil trading session.

The crude price fails to remain over $40, concerns due to strengthening of pledge cut.

The black liquid ended the week very bullish despite Friday’s dip where longs in the market took some profit after four days of bullish momentum.

The week concluded is still a big one for oil bulls due to the Organization of Petroleum Exporting Countries and its allies (OPEC+) decision to raise output in a market still battling with the impact of the Omicron COVID-19 variant.

Other factors weighing in on price are the supply concerns from the unrest in Kazakhstan, the outages in Libya, and Friday’s U.S. jobs report that missed expectations and its potential impact on Federal Reserve policy.

The global benchmark, the Brent crude oil, ended the week gaining 5.2% to currently trade $81.75 a barrel, while the U.S. benchmark, the West Texas Intermediate (WTI) crude, ended the week gaining 5%, to currently trade $78.90 a barrel.

Both benchmarks are at their highest levels since late November 2021.

LEAVE A REPLY

Please enter your comment!
Please enter your name here