Crude oil futures experienced an uptick on Friday due to geopolitical tensions and concerns over supply limitations. Traders are cautious, anticipating possible volatility as they evaluate implications of fresh U.S. sanctions on Iran and OPEC+'s strategy to cut excess production, which may support prices if maintained long-term. Both Brent and WTI prices are showing promise for weekly gains, but the overall outlook is uncertain, hinging largely on China's crude demand amidst fluctuating economic conditions that could affect global consumption patterns.
Crude oil futures opened higher on Friday amid geopolitical risks and supply concerns, but traders remain hesitant leading to potential intraday volatility as they assess these factors.
Fresh U.S. sanctions on Iran have heightened expectations of a tighter global supply, while OPEC+'s production cut plans could reinforce the potential for price rebounds if sustained.
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