Algiers – Oil prices experienced a significant downturn in recent trading, falling over 4% after a five-day period of gains. The price correction reflects market adjustments following a period of sustained upward momentum.
Brent crude futures saw a sharp decrease of 4.15%, settling at $63.76 per barrel. Similarly, West Texas Intermediate (WTI) crude futures declined by 4.56%, reaching a closing price of $59.19 per barrel. The declines mark a notable shift in market sentiment after a week characterized by supply concerns and bullish trading.
Earlier on Friday, oil prices had shown a slight upward trend, driven by ongoing anxieties regarding potential supply disruptions. At 13:02 GMT, Brent crude was up 66 cents, or 1.04%, to $64.42 a barrel, on track for a fourth consecutive week of gains. WTI crude also rose, increasing by 62 cents, or 1.05%, to $59.81 a barrel.
Despite the mid-day gains on Friday, the overall weekly performance remained positive. Brent crude was poised to end the week with a gain of 1.7%, while WTI crude was heading towards a 1.2% increase. However, the late-session sell-off erased a significant portion of those gains.
Market analysts are closely watching global economic indicators and geopolitical developments to gauge the future trajectory of oil prices. Ongoing production cuts by OPEC+ nations continue to play a crucial role in shaping market dynamics. Further volatility is expected as traders assess the balance between supply and demand in the coming weeks.
