Oil prices were little changed on Friday but headed for a second week of losses as supply fears driven by conflict in the Middle East, a key producing region, eased, while the demand outlook at the world’s top crude importer China remains clouded.
Brent crude futures rose 29 cents, or 0.3%, to $87.14 a barrel by 0505 GMT, while U.S. West Texas Intermediate crude futures gained 36 cents, or 0.4%, to $82.82 a barrel.
“Oil prices have managed to ride on the improved risk environment higher, as markets continue to bask in the hopes that the Fed is likely done with its rate hiking process,” said Yeap Jun Rong, market strategist at IG.
Gold, silver rate on July 28 in Mumbai, Delhi, Chennai, Kolkata, Jaipur – Check today’s prices Gold…
Read moreBy Bhavik Patel
Oil price is going nowhere and is witnessing wildly swinging seesaw activity, with interest rates and the war premium in a constant battle with no clear view of which one would gain the upper hand. Traders are worried about the effect of high interest rates on oil consumption which had sparked a sell-off last week, extending a selling streak to four out of the five last weeks.
Also Read
Protean eGov Technologies IPO, GMP rises over 13%; should you subscribe to the issue?
However the Middle East conflict has given support to prices. Further support is coming from airline companies who have been buying oil derivatives contracts to insulate themselves from the rising cost of crude oil and oil products courtesy of …
Read more Copyright © 2025 Sosyalforum3. All Right Reserved.