![]() WTI and Brent crude on Friday both posted gains for a second week in a row. ![]() Prices have lost around half their value so far this year. Rose 1.2% to $2.70 a gallon, with prices tacking on 4.9% for the week, while June heating oilĪdded 1% to $2.37 a gallon, up 0.3% for the week.ĭropped 5.5% to $2.18 per million British thermal units, on the contract’s expiration day. The most-active contract, rose 80 cents, or nearly 1.1%, to $76.98 a barrel. The global benchmark, added 69 cents, or 0.9%, to $76.95 a barrel on ICE Futures Europe, for a weekly rise of 1.8%. Prices based on the front-month contract ended 1.4% higher for the week, according to Dow Jones Market Data. Rose 84 cents, or 1.2%, to settle at $72.67 a barrel on the New York Mercantile Exchange. West Texas Intermediate crude for July delivery “Though much suggests that oil prices will begin rising again, however, sentiment on the market will probably be the main factor dictating the direction of oil prices in the short term.Oil futures settle higher on Friday, contributing to a gain for the week, as investors weighed prospects for further cuts in crude production when the Organization of the Petroleum Exporting Countries and its allies meet in early June. “In our opinion, this leaves sufficient (foreseeable) support for the oil price without OPEC+ having to convene an extraordinary meeting,” Lambrecht said. government to consider refilling the Strategic Petroleum Reserve, which sits at a 40-year low, she said. They likely discussed ways to stabilize oil prices, Lambrecht said, while the recovery of Chinese oil demand after the lifting of COVID restrictions remains an “important crutch.” Also, crude is now trading at a level that could prompt the U.S. Russian Deputy Prime Minister Alexander Novak and Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman, met Thursday. “We regard the price slump to be excessive and speculatively driven for the most part,” Lambrecht wrote. See: Here’s why a failure of Credit Suisse would matter to U.S. Shares were seeing renewed pressure on Friday. regional lender to find itself under scrutiny. banks agreed to deposit $30 billion with First Republic Bank Oil bounced modestly on Thursday after Credit Suisse said it had tapped a $54 billion lifeline from the Swiss National Bank and 11 U.S. ![]() ‘Oil prices have become particularly caught up in the downward pull amid the current market turmoil,” said Barbara Lambrecht, commodity analyst at Commerzbank, in a note. Jumped 7% to finish at $2.338 per million British thermal units.īoth WTI and Brent ended the week at 15-month lows, bearing the brunt of a commodity selloff that analysts tied to recession fears that were amplified by the collapse of California’s Silicon Valley Bank and troubles at Swiss lender Credit Suisse. 15.įell 0.1% to $2.502 a gallon, while April heating oil For the week, Brent dropped 11.9%, its worst performance since the week ended Aug. The global benchmark, dropped $1.73, o4 2.3%, to settle at $72.97 a barrel on ICE Futures Europe, its lowest close since Dec. benchmark suffered its biggest weekly loss since June, according to Dow Jones Market Data, posting its lowest close since Dec. West Texas Intermediate crude for April deliveryįell $1.61, or 2.4%, to close at $66.74 a barrel on the New York Mercantile Exchange, leaving the U.S. ![]()
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