https://sputnikglobe.com/20240405/oil-price-exceeds-90-per-barrel-in-biggest-weekly-rally-since-early-february-1117769090.html
Oil Price Exceeds $90 Per Barrel in Biggest Weekly Rally Since Early February
Oil Price Exceeds $90 Per Barrel in Biggest Weekly Rally Since Early February
Sputnik International
Crude prices broke above $90 per barrel on Friday, giving the oil rally its biggest week since early February.
2024-04-05T18:32+0000
2024-04-05T18:32+0000
2024-04-05T18:32+0000
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Brent crude, the global oil benchmark, reached as high as $87.50 by 1:00 p.m. in New York, marking a peak not seen since the $92.45 reached on October 23. For the week, Brent was up 5%, the most since a 6.3% rally since the week that ended on February 2. US crude, tied to the West Texas Intermediate (WTI) benchmark, hit a session high of $87.49 - the loftiest level since the $88.29 high on October 23. The WTI benchmark gained 5% on the week -, the most since a 6.3% rise during the week that ended on February 2. "The likelihood that continued restricted Russian product exports could further tighten US petroleum supplies has suddenly forced recalculation of US [oil] balances across the rest of this month and possibly beyond," analyst Jim Ritterbusch said in a note issued earlier this week by his Ritterbusch and Associates company. Analysts have warned that a direct Iranian involvement in the Gaza crisis could spark a region-wide conflict with plausible impact on oil supply.
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Oil Price Exceeds $90 Per Barrel in Biggest Weekly Rally Since Early February
NEW YORK (Sputnik) - Crude prices broke above $90 per barrel on Friday, giving the oil rally its biggest week since early February.
Brent crude, the
global oil benchmark, reached as high as
$87.50 by 1:00 p.m. in New York, marking a peak not seen since the
$92.45 reached on October 23. For the week, Brent was
up 5%, the most since a
6.3% rally since the week that ended on February 2.
US crude, tied to the West Texas Intermediate (WTI) benchmark, hit a session high of $87.49 - the loftiest level since the $88.29 high on October 23. The WTI benchmark gained 5% on the week -, the most since a 6.3% rise during the week that ended on February 2.
This week's run-up in oil, the second in a row, came as Russian energy facilities faced new threats from Ukrainian drone attacks, while the conflict in the Middle East appeared to escalate. Both events have a bearing on oil, with Russia being one of the largest exporters of the commodity and the Gaza conflict zone being in the proximity of some of the biggest energy producers.
"
The likelihood that continued restricted Russian product exports could further tighten US petroleum supplies has suddenly forced recalculation of US [oil] balances across the rest of this month and possibly beyond," analyst Jim Ritterbusch said in a note issued earlier this week by his Ritterbusch and Associates company.
In the Middle East, Iran has vowed a heightened war against Israel after an Israeli airstrike that killed two generals and five other military advisers at the Iranian embassy compound in Damascus.
Analysts have warned that a direct Iranian involvement in the Gaza crisis could spark a region-wide conflict with plausible
impact on oil supply.
