Oil prices ease but head for another weekly gain on Middle East supply concerns
Oil prices eased on Friday but were still headed for another weekly increase on lingering Middle East supply concerns and amid global moves to boost crude stockpiles. Brent, the benchmark for two thirds of the world's oil, declined 0.77 per cent to $105.10 a barrel at 12.59pm UAE time. WTI, the gauge that tracks US crude, was though on pace for a sharp gain for the week, retreated nearly 1 per…
Oil prices remained relatively stable on Friday, with a slight dip before heading towards another weekly gain. Brent, the global benchmark, decreased by 0.77% to $105.10 per barrel, while WTI, the US benchmark, declined by nearly 1% to $97.04. For the week, Brent is expected to rise by 0.32%, while WTI could jump by over 5.6%. The ongoing Iran war and its impact on Middle East supply have led to increased focus on global crude stockpiles.
The International Energy Agency (IEA) has announced that its March pledge to release crude oil stocks will surpass its target, accelerating the release of remaining supplies. Additionally, Gulf oil producers have shipped tankers to India's coast and reduced prices to maintain crude flow to Asia. Despite these efforts, oil market prices still appear higher than current conditions, as Middle East supply has largely recovered.
G7 leaders have pledged to boost the IEA's coordinated emergency stock release by 100 million barrels of diesel and other reserves. However, the diesel shortage due to the Iran war is expected to persist into 2027, with inventories unlikely to recover until the second half of the year.
Written by urgent.news from The National UAE's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
