During Friday’s session, Brent crude futures increased $1.67, or 2.25 percent, to $76.05 a barrel, while US West Texas Intermediate crude futures rose $1.59, or 2.27 percent, to $71.78.
Brent rose four percent and West Texas Intermediate rose 3.7 percent over the week.
Investors around the world are buying the dollar, betting on more volatility in the crucial two weeks before the November 5 elections in the United States, as well as the elections in Japan, three major central banks that ‘ to make decisions regarding interest rates, and the United Kingdom government presents its new budget.
Prices saw changes this week, rising on Monday and Tuesday before falling on Wednesday and Thursday, all of which were largely related to expectations of an increase or decrease in risks in the Middle East.
Lebanon’s Health Ministry said three journalists were killed in southern Lebanon as a result of an Israeli attack early Friday morning, while the United Nations High Commissioner for Refugees warned that Israeli airstrikes on the Lebanese border were continuing. over Syria blocking refugees. attempts to escape the war.
The US Secretary of State, Anthony Blinken, confirmed the urgent need to reach a diplomatic solution to the conflict in Lebanon, the day after he said that Washington does not want the Israeli campaign to expand in Lebanon, asking for the protection of civilians.
In the coming days, American and Israeli negotiators are expected to begin talks aimed at reaching a ceasefire agreement and releasing the guards.
Investors are also looking forward to clarification of China’s stimulus policies, although analysts do not expect such measures to significantly increase oil demand.
Yesterday, Thursday, Goldman Sachs kept its oil price forecast unchanged at a level between $70 and $85 per barrel of Brent crude in 2025, and expected any stimulus effect in China to be small in compared to larger factors such as oil supplies from the Middle East.
Bank of America said in a note on Friday that it expects the price of Brent crude to average $75 per barrel in 2025. (Sky News)
2024-10-26 20:27:00
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