The Brent (reference to Angolan exports) for April rose by 0.74 percent ($0.61), reaching $83.47 on the Intercontinental Exchange (ICE).
On February 19, 2024, at 09:43 AM, the contracts closed the week with a cumulative increase of approximately 2.0 and 1.6 percent, respectively.
At the New York Mercantile Exchange (Nymex), the WTI barrel for April concluded the session with a 1.12 percent increase ($0.87), closing at $78.46.
Futures contracts for oil closed higher on Friday, amid the stabilization of the dollar. Traders noted that the recent price recovery was supported by investors who became slightly more optimistic about the global economy. The fear of potential supply risks due to geopolitical tensions continued to be a backdrop for the market.
“The recent recovery in crude oil futures was aided by investors who became slightly more optimistic about the global economy, along with supply constraints,” said Rohan Reddy, director of research at Global X. However, the expert believes that the recovery reflects more supply-side issues than a genuine improvement in demand, as China has not contributed on the demand side.
It is expected that, at the beginning of this week, the barrel will open with prices slightly higher.
