Oil prices stabilized throughout last week, despite a decline in the last trading sessions. The potential for a ceasefire in Gaza weakened crude indicators, while the war in Europe and a reduction in the number of American drilling rigs mitigated the extent of the decline. Last week, Brent crude futures for May delivery recorded a slight increase of 0.11%, reaching $85.43 per barrel. U.S. crude futures also rose by 0.06% during the week, reaching $80.63 per barrel. Both crude types experienced a setback on Friday. Meanwhile, the dollar is heading towards broad gains for the second week after the Swiss central bank's unexpected interest rate cut on Thursday boosted global risk appetite. The rise in the dollar increases the cost of oil for investors holding other currencies, which diminishes demand.
Oil Prices Stabilize Amid Hopes for Calm in the Region
Share