Oil Updates – Crude Heads For Weekly Gain

LONDON: Oil was little changed on Friday and heading for a weekly gain, as Middle East tensions and oil output disruptions caused by cold weather in the US, the world’s biggest producer, balanced concerns about the health of the Chinese and global economies, according to Reuters.
Pakistan launched strikes on separatist militants inside Iran on Thursday in a retaliatory attack, while the US launched new strikes against Houthi anti-ship missiles aimed at the Red Sea.
Brent crude futures fell 16 cents, or 0.2 percent, to $78.94 a barrel by 3:13 p.m. Saudi time, while US West Texas Intermediate crude futures dropped 21 cents to $73.87.
“While the price of crude remains sensitive to events in the Middle East, as we’ve seen over the last couple of weeks, the oil market remains well balanced,” said Craig Erlam, analyst at brokerage OANDA.
“Supply disruptions remain an upside risk but there are downside risks too, including the global economy.”
For the week, the US benchmark is on track to rise about 1.6 percent while Brent is set to gain less than 1 percent. Both markers climbed on Thursday after the International Energy Agency raised its 2024 oil demand growth forecast.
Despite its higher demand growth forecast, the IEA’s projection is half that of producer group OPEC. The Paris-based agency also said that — barring significant disruptions to flows — the market looked reasonably well supplied in 2024.
“The forecast for global oil demand growth remains unclear, with stakeholders and research institutions providing widely differing projections,” said analyst Bjarne Schieldrop of SEB.
While the Middle East tensions have not shut down any oil production, supply outages continue in Libya and about 40 percent of oil output in North Dakota, a top producing US state, remained shut due to extreme cold as of Wednesday.
Pakistan, Saudi Arabia Sign Agreement To Boost Cooperation In Public Sector Auditing
ISLAMABAD: Pakistan and Saudi Arabia have signed a Memorandum of Understanding to increase collaboration in public secto... Read more
Closing Bell: Saudi Indices Close In Red At 12,377
RIYADH: Saudi Arabia’s Tadawul All Share Index dropped on Monday, losing 32.84 points, or 0.26 percent, to close at 12... Read more
OPEC+ Reaffirms Commitment To Production Cuts
RIYADH: OPEC+ members reaffirmed their commitment to production cuts aimed at maintaining stability in the global oil ma... Read more
Oil Updates — Prices Gain As Trump Tariffs Stoke Supply Worries
LONDON: Oil prices rose on Monday after US President Donald Trump imposed tariffs on Canada, Mexico and China, raising f... Read more
Banking, Healthcare To Drive 8% Growth In Saudi Stock Market Profits In 2025: SNB Capital
RIYADH: Saudi stock market profits are set to grow by 8 percent in 2025, with the petrochemical sector driving the incre... Read more
Saudi CMA, Insurance Authority Forge Partnership To Strengthen Sector Oversight
RIYADH: Saudi Arabia’s insurance sector is set to see improved supervision and enhanced growth prospects following a n... Read more