Despite a slight rebound in oil prices at Friday’s settlement, benchmark crude grades posted weekly losses for the second consecutive week.
Investors are weighing “slower-than-expected” U.S. inflation data against growing concerns over rising supply, as the OPEC+ alliance moves toward increasing production.
اضافة اعلان
Market Performance: Brent Below $68
Brent Crude: Futures rose by 23 cents (0.3%) at settlement to $67.75 per barrel.
West Texas Intermediate (WTI): U.S. crude futures gained 5 cents (0.08%) to settle at $62.89 per barrel.
Weekly Outcome: Both benchmarks declined on the week; Brent fell about 0.5%, while WTI dropped 1%.
Market Drivers: Between “Inflation” and “OPEC+”
Data showing U.S. consumer prices rising at a slower-than-expected pace in January—along with lower gasoline prices—provided some support to the market.
Dennis Kissler, Vice President of Trading at BOK Financial, said:
“Inflation appears to be stabilizing, which could support the possibility of modest interest rate cuts—this would be positive for the economy.”
However, he cautioned that a potential production increase by OPEC+ could weigh on prices. Reports suggest the alliance is leaning toward resuming output increases starting in April, ahead of peak summer demand.
Geopolitical Tensions and International Files
Prices also fluctuated amid developments related to Iran. After concerns about a potential U.S. strike on Tehran, remarks by U.S. President Donald Trump that Washington “may reach an agreement with Tehran within the next month” pushed prices lower.
Nonetheless, uncertainty remains amid reports of a second aircraft carrier being sent to the Middle East.
Other international developments include:
Ukraine: The Kremlin announced that the next round of peace talks on Ukraine will be held next week.
Venezuela: U.S. Energy Secretary Chris Wright revealed that Venezuelan oil sales under Washington’s control exceeded $1 billion since the arrest of President Nicolás Maduro in January, with an additional $5 billion expected in the coming months.
