May 28, 2023

Dubai Week

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Oil is set to record its first weekly loss

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.

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