Brent rose by about 1.8% at the end of last week, and since the beginning of this year, crude has gained approximately 8.5%. Meanwhile, U.S. crude increased by about 3%, with gains of over 10% since the start of 2024. Prices have been supported by the increasing risk of a wider conflict in the Middle East. Producer prices in the United States rose more than expected in January, which could exacerbate concerns about inflation rising again. The International Energy Agency stated on Thursday that global oil demand growth is slowing and has lowered its growth forecasts for 2024.
Oil Achieves Gains for the Second Week
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