Texas oil rises 0.08% to $62.89 a barrel
West Texas Intermediate (WTI) crude oil rose 0.08% this Friday, to $62.89 a barrel, and closes the week with a loss of around 1%. At the close of the session on the New York Stock Exchange, WTI futures contracts for delivery in March added 5 cents of a dollar compared to the previous close. [...]
TL;DR
- WTI crude oil closed at $62.89 a barrel on Friday, a 0.08% increase.
- The week concluded with WTI experiencing a value loss of around 1%.
- US inflation data moderating to 2.4% and potential OPEC+ production increases weighed on prices.
- Geopolitical tensions, including those involving Iran and the conflict in Ukraine, continue to support oil prices.
- The US announced new licenses easing restrictions for foreign oil companies operating in Venezuela, including Spain's Repsol.
- WTI lost approximately 2.3% over the entire week.