Oil prices head for biggest weekly loss in 3 months

Shafaq News / Since early November, oil prices are heading towards the largest weekly loss as negotiations progress to reach an agreement to halt the Israel-Hamas war, in what could be a decisive step towards ending the conflict. However, according to sources, discussions on a ceasefire are still in their early stages, and a breakthrough is not expected in the coming days.

West Texas Intermediate crude rose above $74 per barrel on Friday but remained down by approximately 5% for the week. Brent was also on track for a weekly decline.

Furthermore, oil had gained momentum in January following attacks on commercial ships in the Red Sea. However, strong supply and concerns about demand from major consumers have prevented significant price increases.

Moreover, yesterday, the OPEC+ alliance stated that it would adhere to production cuts this quarter. According to a Bloomberg survey, OPEC reduced its daily oil production by 490,000 barrels last month as the producer group and its allies embarked on a new effort to prevent a global glut and rising price.