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Editor in Chief Mohamed Wadie

Oil Heads for Weekly Gain ahead of US Inflation Data


Fri 26 Apr 2024 | 06:43 AM
Oil storage tanks in Osaka Bay, Japan Source: Bloomberg
Oil storage tanks in Osaka Bay, Japan Source: Bloomberg
Taarek Refaat

Oil prices are heading towards weekly gains ahead of the release of US inflation data, which could shape appetite for risky assets including crude oil.

Global benchmark Brent crude rose above $89 a barrel, rising more than 2% during the week, while West Texas Intermediate (WTI) approached $84. 

The Federal Reserve is scheduled to release its preferred inflation index data later on Friday, which comes on the heels of the release of data showing weak US economic growth. Other indicators of rising prices in the US remained higher than expected, suggesting that the timing of interest rate cuts may be delayed.

Latest Oil Prices

WTI CRUDE                   $83.82  +0.30%

BRENT CRUDE              $89.28  +0.30%

MURBAN CRUDE         $89.23   +0.17%

NATURAL GAS                 $1.584  -3.30%

LOUISIANA LIGHT        $86.49  -0.72%

BONNY LIGHT              $88.40  -1.03%

OPEC BASKET                 $88.45   +2.24%

MARS US                       $77.26   -1.92%

GASOLINE                       $2.768  +0.34%

Crude oil has advanced this year due to supply cuts from OPEC+ and geopolitical tensions in the Middle East, including rising tension between Israel and Iran, which lifted Brent crude above $90 a barrel earlier this month. 

This week's progress was also supported by data showing a decline in US crude inventories.