Following a significant reduction in U.S. interest rates and a drop in global stocks, oil prices were expected to conclude the week higher for the second consecutive week. They were little moved in early Asian trade on Friday.
Brent futures have gained 4.3% this week and were trading 19 cents, or 0.3%, lower at $73.69 a barrel on Friday. With a 6 cent increase to $72.01 per barrel, U.S. crude has gained 4.8% for the week.
Following their September decline to almost three-year lows, the benchmarks have been rising.
A counter-seasonal oil market deficit of about 400,000 barrels per day (bpd) will keep Brent crude prices in the $70–$75 per barrel range for the upcoming quarter, may be prices could fall in 2025.
