Crude Oil Surges to $78.46 Amid Concerns About Global Demand and Middle East Tensions
Friday, 16 February 2024, 19:45
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.