Crude Oil Edges Higher on Friday, Marks Weekly Losses
WTI crude oil futures gained 0.1% to close at $69.46 per barrel on Friday, recovering some earlier losses but still posting a 3% decline for the week.
The recovery came as the US dollar softened from two-year highs, with data indicating cooling inflation just two days after the Federal Reserve’s interest rate cut. China’s energy outlook added to market uncertainty, as Sinopec predicted crude imports could peak by 2025 and oil consumption by 2027.
These forecasts contributed to the weekly losses in global oil benchmarks. OPEC+ downgraded its 2024 demand growth outlook for the fifth consecutive time, highlighting the need for supply discipline. Geopolitical tensions increased as the G7 explored stricter measures on Russian oil price caps.Additionally, President-elect Trump raised the possibility of tariffs on the EU if it doesn’t address trade imbalances, particularly in U.S. oil and gas.
Source: Trading Economics