Oil prices remain stable despite expected weekly losses.

9 hours ago

1 minute read

The price of oil remained stable on Friday during trading on Asian markets, following a decline the previous day. This marks the second consecutive week of expected losses, primarily driven by ongoing concerns about supply amidst tensions between the United States and Iran.

Trends in Brent and WTI

Brent crude futures saw a slight increase of three cents, or 0.04%, reaching $67.55 per barrel, following a 2.7% drop during the previous session.

The West Texas Intermediate (WTI) rose by one cent, or 0.02%, settling at $62.85 per barrel, after a decrease of 2.8% the day before.

Expected Weekly Losses

Brent is projected to register a weekly decline of approximately 0.8%, while the American WTI could show a loss of nearly 1.1%. These declines reflect the persistent pressures in global energy markets, driven by uncertainty and fears of a potential oversupply.

International Energy Agency Lowers Demand Forecast

In its monthly report released Thursday, the International Energy Agency (IEA) estimated that global oil demand growth this year would be weaker than previously expected.

The agency also predicts that total global supply may outpace demand, putting downward pressure on prices in the coming months, especially if the slowdown in global economic growth continues.