Reported 27 days ago
Oil prices surged on Friday, aiming for a weekly gain driven by production disruptions in the U.S. Gulf of Mexico after Hurricane Francine. Brent crude futures rose to $72.35 a barrel, while U.S. West Texas Intermediate crude climbed to $69.37. Analysts attribute the tightening market to ongoing supply issues, including those in Libya, and a weaker U.S. dollar enhancing the attractiveness of dollar-denominated oil. Despite these gains, forecasts indicate potential challenges ahead for sustained recovery, particularly due to demand concerns from major economies.
Source: YAHOO