Oil prices rose on Friday, as investors monitored the escalation of geopolitical tensions in the Middle East and fears of global supply disruption.
In a note to Goldman Sachs, the bank maintained its oil price forecast at $95 per barrel during the first quarter of 2024.
The bank’s analysts explained that prices may rise by 20 percent above the expected level, in the event of a strike in supplies passing through the Strait of Hormuz, which is a low-probability scenario.
For his part, market strategist at Saxo Capital, Sharu Channan, said, “The effects of fears of weak demand for oil will rise as American household savings begin to run out, and fears mount about the recession of the United States economy, despite the ongoing war pushing oil prices to rise during the past week.” “.
Price movements
By 7:28 GMT, Brent crude futures rose 1.29 percent, or $1.17, to $89.08 a barrel, but were still on track to record their first weekly loss in three weeks.
US Nymex crude futures prices also rose by 1.32 percent, or $1.07, to $84.28 per barrel.
2023-10-27 07:35:27
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