Global crude oil news

28 Oct 2022 , 11:22 AM

Despite falling in early trade on Friday due to a stronger dollar, oil prices were expected to rise for the week due to worries that supply would become tighter due to Europe’s impending suspension of imports from Russia.

After climbing 1.3% the previous day, Brent crude futures lost 42 cents, or 0.4%, to $96.54 a barrel. About half of the gains from the previous session were erased as U.S. West Texas Intermediate (WTI) crude futures were down 56 cents, or 0.6%, at $88.52 per barrel.

Nevertheless, both benchmark oil futures were expected to advance this week, with WTI rising more than 4% and Brent rising more than 3%.

The falls on Friday occurred as the dollar index edged higher to 110.57, raising the price of oil for customers using other currencies.

According to analysts, the third quarter’s significant rebound in the U.S. gross domestic product showed how resilient the world’s largest economy and biggest user of oil is.

A spike in refinery runs in China, Europe’s appetite for crude ahead of the ban on Russian oil, and impending supply curbs by the Organization of Petroleum Exporting Countries (OPEC) and allies, collectively known as OPEC+, are all contributing to the widening premium for Brent over WTI.

For feedback and suggestions, write to us at [e-mail]