As a result of restricting crude supplies helping to counter fears about China’s economy, oil prices finished higher on Friday to touch nine-month highs and record a second consecutive weekly gain.
Two-thirds of the world’s oil is measured against Brent, which increased by 0.81 percent, or $0.73, to settle at $90.65 per barrel. The benchmark for US crude, West Texas Intermediate, rose 0.74 percent, or $0.64, to close at $87.51 per barrel. For the week, both benchmarks saw an increase of roughly 2%.
Edward Moya, senior market analyst at Oanda said,
“Energy traders are overthinking the recent rally as the global market supply deficit will easily remain despite some of the soft data points we are seeing across Asia and Europe. Oil is overbought but then again, so is the US dollar. The oil price rally might be able to extend if optimism grows that China has found a bottom,”.
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