WASHINGTON (dpa-AFX) - Oil prices rose to a four-month high on Friday, buoyed by the Energy Information Administration's report that oil demand surged to a four-year high in 2023, and demand will hold near that level through this year. Optimism about an interest rate cut by the Federal Reserve in June contributed as well to the jump in oil prices.
West Texas Intermediate Crude oil futures for April ended higher by $1.71 or about 2.2% at $79.97 a barrel, the highest close since November 6, 2023.
Brent crude futures ended up $1.71 or about 2.1% at $83.94 a barrel.
Markets now await an OPEC+ decision on supply agreements for the second quarter. The group is likely to extend its production cuts through the second quarter and possibly the end of 2024, according to reports.
Escalating tensions in the Middle East contributed as well to the rise in oil prices. Concerns about tensions persist as the Israel-Hamas war show little signs of deescalation with both sides playing down prospects of a ceasefire.
According to reports, Israely troops in the northern Gaza strip opened fire on Palestinians scrambling for food aid. The incident resulted in the death of over 100 people.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
