Oil prices set to end week over 3% higher

Economy

16-03-2024, 13:48

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World oil demand will rise by 1.3 million bpd in 2024
Oil prices edged lower on Friday but were on track to gain over 3% for the week, boosted by the International Energy Agency raising its 2024 oil demand forecasts and an unexpected decline in US stockpiles.

Brent crude oil futures were down 59 cents or 0.6% to $84.83 a barrel at 1020 GMT, after topping $85 a barrel for the first time since November on Thursday. US West Texas Intermediate (WTI) crude were down 56 cents or 0.6% to $80.70.

"Crude futures were staging a mild retreat from fresh four-month peaks ... likely entering a consolidation phase to await further direction," said Vandana Hari, founder of oil market analysis provider Vanda Insights.

Source- tbsnews