OIL PRICES ARE HEADING FOR A WEEKLY GAIN OF MORE THAN 4%

  • 13/08/2022

Kuwait City: Oil prices fell in early trading on Friday, amid uncertainty regarding demand expectations based on conflicting opinions from OPEC and the International Energy Agency, but crude contracts are heading towards recording weekly gains as recession fears recede.


Brent crude futures rose 34 cents, or 0.3%, to $99.26 a barrel.

West Texas Intermediate crude futures fell 34 cents, or 03 percent, to $94 a barrel.

Brent crude is heading for a rise of more than 4% during the week, compensating some of last week's losses, when it plunged 14% in the largest weekly loss since April 2020, amid fears of increased inflation and interest rates that affected economic growth and demand for fuel.

As for West Texas Intermediate, it is about to achieve a weekly increase of more than 5%, compensating about half of last week's losses.

On Thursday, the Organization of the Petroleum Exporting Countries (OPEC) cut its forecast for global oil demand growth in 2022 by 260,000 barrels per day. It now expects demand to increase by 3.1 million barrels per year.

This contrasts with the vision of the International Energy Agency, which raised its forecast for demand growth to 2.1 million barrels per day due to the shift to oil instead of gas to generate electricity as a result of high international gas prices.
 

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