Oil prices continued their upward trajectory on Friday, fueled by renewed optimism in the market following a two-day dip. Brent crude futures rose by 44 cents, or 0.71 percent, reaching $62.43 a barrel. West Texas Intermediate (WTI) crude also climbed, gaining 39 cents, or 0.68 percent, to settle at $58.15 per barrel.
Both benchmarks experienced a significant surge on Thursday, exceeding 3 percent, effectively ending a two-day slide. This rebound was attributed to improved market sentiment and a resurgence in oil demand.
On a weekly basis, Brent crude is on track to record gains of approximately 2.7 percent. WTI is also expected to post an increase of around 1.4 percent by the end of the week’s trading, signaling a relative stabilization in the global energy market after recent volatility.
Analysts are closely monitoring supply and demand dynamics, as well as global economic indicators, which are expected to play a crucial role in shaping oil price trends in the coming weeks. Market participants remain cautious, assessing the potential impact of various factors on the energy sector.
The positive movement this week suggests a degree of resilience in the oil market, despite ongoing concerns about the global economic outlook. However, sustained gains will depend on continued demand and careful management of supply levels.
