Crude oil prices witnessed a mixed session today, Friday, with slight declines, but they remained on their way to achieving weekly gains of more than 3%. Brent crude futures reached $84.83 per barrel, while West Texas Intermediate crude reached $80.7 per barrel.
This upward trend was driven by a combination of factors including the International Energy Agency's upward revision of its 2024 oil demand forecasts, unexpected declines in US inventories, and geopolitical tensions affecting global supply chains. The United States, Canada, Brazil and Guyana will lead global oil production growth in the near term.