2023-10-14 01:37:23
Economic news 6:46 a.m. 2023-10-14
The West Texas Crude Oil (WTI) contract on the New York market closed up nearly 6% on Friday (Oct. 13), and the Brent crude oil contract posted its biggest weekly gain since February. Because investors are worried that The war in the Middle East may spread. Since Israel began its ground offensive into the Gaza Strip. and may affect oil production
WTI crude oil contract for delivery in November. rose $4.78 or 5.8% to close at $87.69/barrel. and rose 5.9% this week.
Brent crude oil contract (BRENT) for delivery in December. rose $4.89 or 5.7% to close at $90.89/barrel. and rose 7.5% this week, which is the largest increase since February.
WTI and Brent crude futures posted their biggest daily percentage gains since April.
Israel’s announcement of a ground attack on Gaza has investors worried that the war will widen and affect the country’s oil production in the Middle East.
Iran’s Oil Minister Javad Usi said on Friday that Oil prices may top $100 a barrel. Due to the current situation in the Middle East
In addition, oil prices have increased. This comes following the US first imposed sanctions on owners of tankers carrying Russian oil priced above the G7 price of $60 per barrel. It is an attempt to close a loophole in a mechanism designed to punish Russia for attacking Ukraine.
By InfoQuest News Agency (14 Oct. 2023)
Tags: WTI oil, crude oil, oil price
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