Oil prices continued their upward trend on Friday, marking the second consecutive day of increases and positioning the market for a third straight week of gains.
Brent crude futures rose by 44 cents, or 0.71 percent, reaching $62.43 per barrel. West Texas Intermediate (WTI) crude also experienced a climb, increasing by 39 cents, or 0.68 percent, to settle at $58.15 a barrel.
The two benchmark crudes saw significant jumps exceeding 3 percent yesterday, Thursday, rebounding after two days of declines. Market analysts point to a renewed sense of optimism regarding global economic recovery and increased demand as contributing factors to the price surge.
Brent crude is currently on track for a 2.7 percent increase over the course of the week. Similarly, West Texas Intermediate is heading towards a 1.4 percent rise for the week.
Traders are closely monitoring geopolitical developments and production levels, as these factors can significantly impact future price movements. The market remains sensitive to any news that could disrupt supply or alter demand forecasts.
This week’s performance indicates a strengthening market sentiment, although volatility remains a key characteristic of the oil industry. Experts advise caution, noting that unforeseen events could easily reverse the current upward trajectory.
