Oil Prices Slip Slightly On Friday

PUKMEDIA

Oil prices.

Crude oil prices saw a slight decline today, with West Texas Intermediate (WTI) trading at $61.14 per barrel and Brent Crude at $64.16, both just below Thursday’s closing figures. Despite this minor dip, both benchmarks are on course to register a small weekly increase of approximately 0.6%, supported by easing tensions between the United States and China after a temporary 90-day halt in their tariff dispute.

Nevertheless, the market remains cautious due to persistent concerns about rising global supply. Expectations of a production increase from OPEC+, combined with the potential return of Iranian oil should a new nuclear deal with the US be finalised, are weighing on prices. Additionally, a surprise increase in US crude stockpiles last week has further fuelled concerns around demand.

Analysts predict Brent crude will average $68 per barrel in 2025, down from $80 in 2024, reflecting continued supply-side pressures and a changing global energy outlook.



PUKMEDIA