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Oil: rising prices

03/10/2025
Source : ORISHAS FINANCE
Categories: Raw materials

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After four consecutive sessions of decline, oil prices increased by 1% on Friday. mso-border-alt:solid #E5E7EB .25pt; padding:0cm; font-weight:normal"> padding:0cm; mso-fareast-language:en"> Brent crude oil futures gained 61 cents, or 1%, to 64.73 dollars per barrel at 06:58 GMT. American crude oil West Texas Intermediate rose 62 cents, or 1%, to $61.10 per barrel.

Brent was trading down 7.6% and WTI was down by 7% on a weekly basis due to market expectations according to which the OPEC+ group could further increase its production despite concerns about oversupply

According to Tony Sycamore, analyst at IG, “if OPEC+ goes from Going forward and announcing an increase of 500,000 bpd this weekend, it will probably be of an increase significant enough to bring the price down again crude oil, initially up to a support level of $58.00, before a test lowest this year (of approximately) $55.00.”

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