Oil set to snap three-week losing streak amid rising fuel demand
Shafaq News/ Oil prices rose in early trade on Friday, set to snap athree-week losing streak, amid rising fuel demand and expectations that Trump'splans for reciprocal global tariffs would not come into effect until April,giving more time to avoid a trade war.
Brent futures were up 19 cents at $75.25 a barrel by 0300 GMT, whileU.S. West Texas Intermediate (WTI) crude rose 12 cents to $71.41.
For the week, Brent was up 0.7% and WTI 0.5%.
Global oil demand has surged to 103.4 million barrels per day, a 1.4million bpd increase year-over-year, analysts at JPMorgan said in a report onFriday.
"Initially sluggish, demand for mobility and heating fuels pickedup in the second week of February, suggesting the gap between actual andprojected demand will soon narrow," JPMorgan said.
"Heating fuel use is expected to rise again. Additionally, soaringgas prices in Europe could prompt a shift from gas to oil, boostingdemand."
Global oil demand has surged to 103.4 million barrels per day, a 1.4million bpd increase year-over-year, analysts at JPMorgan said in a report onFriday.
"Initially sluggish, demand for mobility and heating fuels pickedup in the second week of February, suggesting the gap between actual andprojected demand will soon narrow," JPMorgan said.
"Heating fuel use is expected to rise again. Additionally, soaringgas prices in Europe could prompt a shift from gas to oil, boostingdemand."
Russian oil exports could be sustained if workarounds to the latest U.S.sanctions package are found, after Russian crude production rose slightly lastmonth, the International Energy Agency (IEA) said in its latest oil marketreport.
Russia is the world's third-largest oil producer and sanctions imposedon its crude exports after its invasion of Ukraine nearly three years ago havesupported higher prices.
(Reuters)
