Oil climbs on tightening supply; IEA demand outlook awaited
Timilehin Adejumobi
1 min read
Oil prices rose on Friday on worries over tightening supply, with the market looking ahead to the International Energy Agency’s (IEA) monthly report later in the day to clarify the global demand outlook.
Brent crude futures climbed 36 cents, or 0.42%, to $86.45 per barrel by 0600 GMT. West Texas Intermediate crude futures (WTI) rose 43 cents, or 0.52%, to $82.59 a barrel.
Both benchmarks fell more than 1% in the previous session.
“Russian exports are showing signs of weakening as production is reported to have been curtailed by 700,000 barrels per day (bpd),” said analysts from ANZ Bank in a client note.
Investors are also focused on the IEA’s monthly oil market report to be released later on Friday. The possibility that the agency might downgrade the global demand outlook over faltering macroeconomic growth is helping to cap prices.
A report from the Organization of the Petroleum Exporting Countries (OPEC) released on Thursday pointed to downside risks in summer demand, citing a weaker growth backdrop, tighter monetary policy and instability in the global financial sector.
This report’s information was first seen on REUTERS; to read more, click this link.
