Oil prices inch up amidst weekly losses

Government data reveals that US petroleum shares rose by 6.5 million barrels last week.

Oil prices exhibited a slight uptick on Friday, although they were poised to record their most substantial weekly decline since March. The concerns primarily revolved around faltering demand prospects.

Brent Edges Higher

Brent, serving as the benchmark for a substantial portion of the world’s oil, saw a modest increase of 0.37 percent, bringing it to $84.33 per barrel as of 12:15 pm UAE time.

West Texas Intermediate Follows Suit

West Texas Intermediate (WTI), which tracks US crude, mirrored the trend, registering a 0.45 percent rise to reach $82.63 per barrel.

Weekly Losses Unfold

Thursday witnessed a notable setback in oil prices. Brent experienced a decline of 2.03 percent, closing at $84.07 per barrel, while WTI closed 2.27 percent lower at $82.31.

Bond Yields Impact Global Growth Outlook

Edward Moya, a senior market analyst at Oanda, pointed out the key factor behind the recent oil price fluctuations. He noted, “Brent crude has fallen over $10 since the end of last month as surging global bond yields have crippled the global growth outlook.”

These fluctuations in oil prices reflect the ongoing volatility in the energy markets, with concerns about global economic growth and demand uncertainties weighing heavily on the market sentiment.

Investors and analysts will continue to closely monitor developments in the energy sector, taking into account various economic factors and geopolitical events that can impact oil prices.