Saturday, 13 April 2024

Oil prices up heading to end the week with a slight increase


Oil prices rose on Friday and were heading to end the week with a slight increase as the situation in talks on a possible ceasefire in Gaza became more complicated after more than 100 Palestinians were killed while waiting to receive aid.

According to Reuters, by 0118 GMT, Brent crude futures for April delivery rose 29 cents, or 0.4 percent, to $82.20 a barrel, while US West Texas Intermediate crude rose 22 cents, or 0.3 percent, to $78.48.

West Texas Intermediate is heading for a 4% increase this week, while Brent crude is heading close to ending the week at last week’s settlement level.

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Brent has been hovering comfortably above the $80 level for three weeks, and the conflict in the Middle East has had only a slight impact on crude flows in light of the attacks on shipping traffic in the Red Sea.