Oil prices closed slightly higher on Friday, with Brent crude and WTI both rebounding by 1%, as geopolitical tensions surrounding the Russia-Ukraine war clouded supply expectations.
Current Price Summary
| Crude Oil Benchmark |
Friday Close |
Change |
Weekly Change |
| Brent Crude |
$70.58/barrel |
+$0.70 (+1%) |
+0.3% |
| WTI Crude |
$67.18/barrel |
+$0.63 (+1%) |
+0.2% |
Key Market Drivers
-
Geopolitical Uncertainty:
- Russia’s Delayed Ceasefire: President Vladimir Putin’s conditional stance on a ceasefire suggests continued sanctions on Russian oil exports.
- Extended Sanctions Impact: Markets expect prolonged restrictions on Russian energy, maintaining pressure on global supply.
-
Investor Sentiment:
- Oil’s price action reflects indecision, with Brent crude stabilizing near $70/barrel for two consecutive weeks.
- Commerzbank analysts noted that oil’s trajectory depends heavily on unfolding geopolitical developments.
-
U.S. Political Influence:
- Former President Donald Trump’s call for Russia to accept a ceasefire highlights ongoing diplomatic pressure, which could influence market expectations.
Outlook and Key Considerations
- Short-Term Forecast: Oil prices may remain range-bound until geopolitical developments provide clearer direction.
- Supply Chain Risks: Extended sanctions on Russian oil could tighten supply, potentially driving prices higher.
- Demand Factors: Slower global economic growth and weakening Chinese demand remain bearish risks for crude prices.
API Integration for Real-Time Oil Data
For tracking oil price movements and related equities, consider Financial Modeling Prep API endpoints:
Commodities API – Get real-time crude oil price updates.
