During Friday’s session, Brent crude futures increased $1.67, or 2.25 percent, to $76.05 per barrel, while US West Texas Intermediate crude futures rose $1.59, or 2.27 percent, to $71.78.
Brent rose four percent and West Texas Intermediate crude rose 3.7 percent over the course of the week.
Investors around the world are buying DollarThey are betting on increased volatility in the crucial two weeks preceding the November 5 elections in the United States, as well as the elections in Japan, and the making of three major central banks’ decisions regarding… Interest ratesThe UK government presents its new budget.
Prices witnessed fluctuations this week, as they rose on Monday and Tuesday before falling on Wednesday and Thursday, and all of this was largely related to expectations of an increase or decline in risks in the Middle East.
The Lebanese Ministry of Health said that three journalists were killed in southern Lebanon as a result of an Israeli raid early on Friday morning, while the United Nations High Commissioner for Refugees warned that Israeli air strikes on a Lebanese border crossing with Syria were hampering refugees’ attempts to flee the war.
US Secretary of State Anthony Blinken stressed that there is an urgent need to reach a diplomatic solution to the conflict in Lebanon, the day after he said that Washington does not want the Israeli campaign in Lebanon to prolong, calling for the protection of civilians.
In the coming days, American and Israeli negotiators are expected to resume talks aimed at reaching a ceasefire agreement and the release of the hostages.
Investors are also looking forward to a clarification of China’s stimulus policies, although analysts do not expect such measures to significantly boost oil demand.
Yesterday, Thursday, Goldman Sachs kept its oil price forecast unchanged at a level ranging between $70 and $85 per barrel of Brent crude in 2025, and expected that the impact of any stimulus in China would be modest compared to larger factors such as oil supplies from the Middle East.
Bank of America said in a note on Friday that it expects the price of Brent crude to average $75 a barrel in 2025.
