Oil Market Overview
Oil prices experienced a significant decline of over $2 on Friday.
This drop in prices can be attributed to a decrease in geopolitical tensions influencing the oil market.
The stabilization of the situation in the Middle East, particularly following the ceasefire between Israel and Hamas, has contributed to this downward trend in oil prices.
As of Friday’s close, Brent crude was priced at $74.43 per barrel, marking a notable decrease.
Additionally, Texas light sweet crude saw a reduction of $2.80, closing at $70.40 per barrel.
On a weekly basis, Brent crude declined by 0.4 percent, while Texas light crude slipped by 0.5 percent.
John Kildov, Director of Egeny Capital Consulting, commented, “The peaceful situation in the Middle East has diminished the geopolitical factors impacting the oil market.”
In contrast, concerns have arisen within the oil market following the release of a report detailing the discovery of a new strain of coronavirus in blind frogs in Wuhan, China.
