CRUDE WRAP: WTI (Z6) SETTLES USD 0.18 LOWER AT USD 88.56/BBL; BRENT (F7) SETTLES USD 0.02 HIGHER AT USD 95.84/BBL
ORIGINAL · NewsquawkCRUDE WRAP: WTI (Z6) SETTLES USD 0.18 LOWER AT USD 88.56/BBL; BRENT (F7) SETTLES USD 0.02 HIGHER AT USD 95.84/BBLRead originalHide original
The crude complex was more or less flat on Friday but posted losses on the week, with no notable Middle East developments in the session. Earlier in the week, there was optimism that a US-Iran peace deal was getting close, but the geopolitical environment now remains uncertain on both the Russia-Ukraine and US-Iran fronts. Newsflow was sparse on Friday, and participants now await any de- or re-escalatory rhetoric over the weekend. However, Axios, citing sources, reported that the Mossad Director was in Washington on Friday for talks with senior Trump administration officials on the Iran war. The report added that Israeli PM Netanyahu is pressing Trump to resume the war, although the President has so far rejected that pressure. In the weekly Baker Hughes rig count, oil was unchanged at 463, and natgas fell by 4 to 127, leaving the total down 3 at 601. Highlighting the narrow ranges relative to recent sessions, WTI traded between USD 87.80-89.64/bbl, while Brent hit a low of USD 95.06/bbl vs. a high of USD 97.13/bbl.
Friday’s crude settlement was nearly flat, after an earlier rally, while prices remained well below late-October highs amid competing peace hopes and geopolitical risks.
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The crude complex was more or less flat on Friday but posted losses on the week, with no notable Middle East developments in the session. Earlier in the week, there was optimism that a US-Iran peace deal was getting close, but the geopolitical environment now remains uncertain on both the Russia-Ukraine and US-Iran fronts. Newsflow was sparse on Friday, and participants now await any de- or re-escalatory rhetoric over the weekend. However, Axios, citing sources, reported that the Mossad Director was in Washington on Friday for talks with senior Trump administration officials on the Iran war. The report added that Israeli PM Netanyahu is pressing Trump to resume the war, although the President has so far rejected that pressure. In the weekly Baker Hughes rig count, oil was unchanged at 463, and natgas fell by 4 to 127, leaving the total down 3 at 601. Highlighting the narrow ranges relative to recent sessions, WTI traded between USD 87.80-89.64/bbl, while Brent hit a low of USD 95.06/bbl vs. a high of USD 97.13/bbl.
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