Oil prices rose, Friday, after geopolitical tensions in the Middle East overshadowed the forecasts of the International Energy Agency, which warned of a slowdown in demand.
Brent crude futures rose 0.74% to settle at $83.47 per barrel.
US crude futures rose 1.49% to reach $79.19 per barrel upon settlement.
Over the course of the week, Brent rose by more than 1%, and US crude rose by about 3%.
Oil Prices
WTI CRUDE $79.19 +1.49%
BRENT CRUDE $83.47 +0.74%
MURBAN CRUDE $82.86 +0.70%
NATURAL GAS $1.609 +1.77%
Tension and the risk of a broader conflict in the Middle East supported crude prices during the session.
Producer prices in the United States rose more than expected in January, which could exacerbate fears that inflation will rise again.
Oil prices fell earlier, Friday, after the International Energy Agency forecast a slowdown in demand growth, which dispelled the support for oil prices resulting from geopolitical tension, and hopes that the US Federal Reserve might reduce interest rates sooner than expected.
The IEA said Thursday, that the growth of global oil demand is losing momentum, and reduced its growth expectations in 2024, in contrast to the view adopted by the Organization of the Petroleum Exporting Countries (OPEC) and putting pressure on market sentiment.
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