Oil prices are heading for weekly losses of around 12% despite Middle East supply concerns.
Oil prices are heading for a sharp weekly decline of about 12%, amid expectations that the war with Iran will subside following the election losses suffered by US President Donald Trump’s party, and amid continued concerns about oil supplies from the Middle East region.
Brent crude futures for January delivery rose $1.57, or 1.6%, to $99.86 a barrel on Friday, while U.S. West Texas Intermediate crude climbed $1.10, or 1.22%, to $91.62 a barrel, marking gains for both benchmarks for the second consecutive day.
Despite this rise, Brent crude is heading for weekly losses of about 12%, while forecasts indicate that West Texas Intermediate crude will decline by approximately the same percentage, following a wave of declines in the markets over the past few days.
The price pressures came after the results of the US midterm congressional elections, in which the Democrats made gains at the expense of the Republicans, amid expectations that the political shifts would lead to a calming of the US-Israeli war against Iran, which has entered its ninth month. FollowPolitics
Oil prices had fallen by about 8% on Wednesday alone, settling at their lowest level in two months, amid growing expectations of easing geopolitical tensions.
Almaalomah.me