Oil Heads for Weekly Gains Amid Middle East Supply Risks
Oil prices are set for weekly gains as Middle East supply risks outweigh a U.S. waiver on Russian oil. Brent crude remains above 100 dollars per barrel.
Xurve View
Insights:
Xurve View
Oil markets in Singapore and global hubs are tracking toward significant weekly gains as supply anxieties outweigh recent efforts by the United States to provide relief through sanctions waivers. Despite a new 30-day license allowing the purchase of petroleum products from Russia currently stranded at sea, Brent futures for May rose to $100.56 a barrel, marking a nearly 9% increase for the week. Meanwhile, West Texas Intermediate crude hovered around $95.57, poised for a 7% weekly uptick.
