"Crude oil prices edged slightly lowered on Friday, consolidating after a significant surge in the previous session, but benchmarks remain poised for a solid weekly gain. The market is currently digesting the impact of sweeping new U.S. sanctions imposed on Russia 's two largest oil companies, Rosneft and Lukoil. This move, tied to escalating geopolitical tensions, jolted prices higher on Thursday by amplifying near-term supply risks as traders and some Asian buyers reassess Russia n energy flows."
"Meanwhile, US fundamentals offer some support. The latest EIA report confirmed inventory draws across the board, with commercial crude stocks falling by 1.0 million barrels, while gasoline and distillates dropped by 2.1 million and 1.5 million barrels, respectively. However, additional upside could be capped by increasing output from OPEC and non-OPEC crude producers as well as expectations of oversupply."
Crude oil prices edged slightly lower on Friday as the market consolidated after a large prior-session surge, though benchmarks remained set for a solid weekly gain. New sweeping U.S. sanctions on Rosneft and Lukoil heightened near-term supply risks and prompted traders and some Asian buyers to reassess Russian energy flows, lifting prices. U.S. fundamentals provided support, with the EIA reporting commercial crude stocks down 1.0 million barrels and gasoline and distillates down 2.1 million and 1.5 million barrels respectively. Offsetting factors included rising output from OPEC and non-OPEC producers and expectations of oversupply that could cap further upside.
Read at London Business News | Londonlovesbusiness.com
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