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  4. Oil Prices in 4th Weekly Gain on Signs of Tighter Supplies, Firmer Demand
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Oil Prices in 4th Weekly Gain on Signs of Tighter Supplies, Firmer Demand

By Yasin Ebrahim AiVIF.com – Crude settled higher on Friday, notching a fourth positive week, supported by bets the Omicron-fueled drag on demand will be short-lived at a time...
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Oil Prices in 4th Weekly Gain on Signs of Tighter Supplies, Firmer Demand © Reuters.

By Yasin Ebrahim

AiVIF.com – Crude settled higher on Friday, notching a fourth positive week, supported by bets the Omicron-fueled drag on demand will be short-lived at a time when global supplies are expected to tighten.

On the New York Mercantile Exchange crude futures gained 2.1% to settle at $84.82 a barrel, while on London's Intercontinental Exchange (NYSE:ICE), Brent added 2.0% to trade at $86.14 a barrel.

The fourth week of gains in oil prices has been supported by easing fears about the Omicron variant's impact on demand.

The International Energy Agency said earlier this week that demand was proving stronger “than many of the market observers had thought, mainly due to the milder Omicron expectations.”

As well as positive demand, supply disruptions from key producers including Nigeria and Libya have propped up bets of tightening global supplies and underpinned a climb in oil prices.

“The forward curves of Brent and WTI are in a pronounced state of backwardation, which points to tight supply,” {{0|Commerzbank said in a note after lifting its price target for Brent in the current quarter to $80 from $70.

Oil prices were also underpinned by a weaker dollar, which despite a gain on Friday, is on course for a weekly slump.

A weaker dollar makes oil, priced in the U.S. dollars, less expensive in other currencies, boosting demand.

The U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, rose by 0.40% to $95.15, but is on course for weekly loss.

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01-05-2024 10:45:17 (UTC+7)

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EUR/USD

1.0658

-0.0008 (-0.07%)

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GBP/USD

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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$2,285.72-47.5-2.04%
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ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V25.44025.940
RON 95-III24.91025.400
E5 RON 92-II23.91024.380
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DO 0,001S-V21.32021.740
Dầu hỏa 2-K20.68021.090
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USD25.088,0025.458,00
EUR26.475,3627.949,19
GBP30.873,5232.211,36
JPY156,74166,02
KRW15,9219,31
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