Crude Set for Weekly Rise on OPEC+ Supply Control

Crude oil drives higher with focus on geopolitical risks, OPEC+ plan to rein in production

Crude oil futures posted their second straight weekly gain, boosted by bullish geopolitical developments, while OPEC+ sent mixed messages to the oil market.

Higher oil prices seen next week

Following recent rollbacks, fuel prices are expected to increase in the coming week due to escalating conflicts in the Middle East.

Crude Set for Weekly Rise on OPEC+ Supply Control

Crude oil prices were set for another weekly gain today, driven higher by fresh U.S. sanctions on Iran’s energy industry and OPEC+ efforts to rein in production. At the time of writing, Brent crude was trading at $72.28 per barrel, with West Texas Intermediate at $68.26 per barrel, both up from opening and both about $1 higher than they were at the start of the week. The U.S. Department of Treasury yesterday announced another round of sanctions …

North Sea crude, a benchmark in Europe, closed the session on the Intercontinental Exchange at 16 cents above the $72.00 with which it closed transactions on Thursday. The price of Brent ends the week in an upward trend, after the strong gain of the previous session (1.72%), following the announcement of new sanctions imposed by the United States on the Iranian oil industry. The rise in crude oil was also the result of the current geopolitical s…

In the session this Friday (21st), the future of the Brent type (the world reference) due in May increased by 0.22% and that of the WTI (the American reference) with delivery scheduled for the same month rose 0.31%

Crude Prices Close Slightly Higher on Possible Tighter Global Oil Supplies

May WTI crude oil (CLK25 ) Friday closed up +0.21 (+0.31%), and May RBOB gasoline (RBK25 ) closed up +0.0026 (+0.12%). Crude oil and gasoline prices posted modest gains on Friday. Crude prices had carryover support from Thursday when the US ramped up sanctions on Iranian crude exports, which could...