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Sinopec News.
As of 9:57 AM Eastern Time on Friday, WTI crude oil prices rose by 2.
The Bank of Saxony said earlier on Friday that the spot spread of Brent crude oil has weakened, showing the lowest return this year, indicating that market tensions are easing.
The bank’s strategy team said: “Because OPEC+ is already increasing its oil reserves, the price of Brent crude oil may remain between US$65 and US$70, and its basis risk will decrease until the demand situation improves.
Feng Juan excerpted and translated from the oil price network
The original text is as follows:
Oil Headed For Biggest Weekly Drop Since March
Following three days of losses, oil prices rebounded early on Friday amid fuel demand recovery in the US and Europe, but they were still set for a weekly drop of around 4 percent, which would be the steepest weekly decline since March.
As of 9:57 am EDT on Friday, WTI Crude was trading up by 2.
"Oil has also been caught up in a broader commodities correction after China warned that it could introduce measures to cool spiking prices of raw materials.
"With OPEC+ already adding barrels, Brent is likely to remain stuck in a $65 to $70 range, with the s/t risk skewed to the downside until the demand picture improves," the bank's strategy team said.
