Reported 10 months ago
Crude oil futures remained steady on Friday, poised for a second consecutive week of gains as demand improves and U.S. oil and fuel inventories decrease. Brent futures for August fell slightly to $85.56 per barrel, while U.S. West Texas Intermediate crude futures for August dropped to $81.15. Factors like seasonal demand growth, geopolitical tensions, and the hurricane season are expected to support price strength through the summer. Data showing rising demand in Asia and Japan's increasing consumer prices also contributed to the positive sentiment. However, concerns over potential Fed rate hikes based on U.S. economic data put pressure on prices, potentially limiting future oil demand.
Source: YAHOO