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Commodity News Details
Weekly Crude Oil Review: Oil Scored Weekly Gain of 4%
15-Jun-2024 13:17
Oil futures saw a slight dip on Friday due to weak U.S. consumer sentiment, with Brent crude down 13 cents at $82.62 a barrel and WTI off 17 cents at $78.54. Despite this, both benchmarks notched a robust 4% weekly gain, the biggest since April. The surge was fueled by optimistic demand forecasts for 2024. The EIA revised its global oil demand growth estimate to 1.1 million barrels per day, up from 900,000, with strong growth expected in Asia, excluding Japan. OPEC also maintained its bullish forecast of 2.2 million barrels per day, underpinning the positive sentiment. MCX June crude oil futures also ended the week higher by almost 4% at Rs 6551 per barrel.

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