Crude Oil Surges to $78.46 Amid Concerns About Global Demand and Middle East Tensions

Friday, 16 February 2024, 19:45

The price of WTI crude oil settles at $78.46, up $0.87, driven by ongoing tension in the Middle East. Concerns arise over global growth slowdown affecting demand as crude oil inventories surge by 12M barrels. Prices closing near key moving averages as markets watch for further developments impacting oil prices.

WTI Crude Oil Update

The price of WTI crude oil for April delivery settles at $78.46, up $0.87.

Supply Side Tension

Continued tension in the Middle East impacts oil prices as Israel persists with military actions against Hamas.

Global Economic Concerns

Surge in oil inventories, negative UK GDP growth, and weaker US retail sales raise questions about global growth affecting oil demand.

Market Movements

  • WTI crude oil prices near the 100 and 200-day moving averages.
  • Weekly price change reflects a 1% increase.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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