Oil is set to record its first weekly loss

Oil prices rose on Friday, but US commodities rose higher than expected and were scheduled to record their first weekly losses in at least eight weeks after Iran signaled that it would resume talks with Western powers to end sanctions.

Brent crude was up 19 cents, or 0.2%, at $ 84.51 a barrel, while US West Texas Intermediate crude was up two cents at $ 82.83 a barrel.

Analysts at Fitch Solutions said in a weekly note on Friday that “the rally is nearing its peak and prices will continue to fall.”

Both crude oils are on a 1-week downward trajectory, the first weekly decline in 10 weeks for U.S. crude and the first weekly decline for Brent crude.

Data from the U.S. Energy Information Administration on Wednesday showed that crude oil reserves in the United States were higher than expected for the week ended October 22.

All eyes are on the Organization of Petroleum Exporting Countries (OPEC), Russia and their allies, or the November 4 meeting of the OPEC + Group.

Analysts expect Black to stick to its plan to deliver 400,000 barrels per month until April 2022.

“Saudi Arabia has warned of a possible ‘massive increase’ in global oil reserves by 2022, with a picture of cloudy demand,” JPMorgan analysts said in a statement.

See also  US stock indices rose at the end of today's session; The Dow Jones industrial average rose about 0.10%.
  • Nadia Barnett

    "Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

    Related Posts

    • Economy
    • November 2, 2024
    • 73 views
    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    The wealth management landscape is undergoing a dramatic transformation, fueled by the rise of financial technology (fintech), according to fintech entrepreneur Emils Kerimovs. No longer exclusive to the ultra-wealthy, innovative…

    UAE Powering Gaming Boom in the Middle East

    The gaming industry in the Middle East is experiencing a growth spurt, with Saudi Arabia and the United Arab Emirates (UAE) among the countries attracting major investments. However, this digital…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Free Job Posting Sites in the UAE: Perfect for Both Job Seekers and Recruiters

    Free Job Posting Sites in the UAE: Perfect for Both Job Seekers and Recruiters

    Yaroslav Bogdanov: Google in Dubai announced the launch of an artificial intelligence initiative for MENA countries

    Yaroslav Bogdanov: Google in Dubai announced the launch of an artificial intelligence initiative for MENA countries

    How to Choose the Right Mattress: Find the Best Fit for You

    How to Choose the Right Mattress: Find the Best Fit for You

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    Forex Brokers Review: Is ITBFX A Safe Broker?

    Forex Brokers Review: Is ITBFX A Safe Broker?

    Best Kitchen Renovation Ideas to Upgrade Your Space

    Best Kitchen Renovation Ideas to Upgrade Your Space