Brent Crude Oil Rose above $100 per barrel on Friday and were set to finish the week higher, supported by a tightening supply outlook as potential output cuts by OPEC+ countered expectations of a surge in Iranian oil exports and fears of a global economic slowdown.
Earlier this week, Saudi Arabia warned that OPEC+ could cut production to stabilize volatile markets, and some OPEC sources told Reuters that such a move may not be imminent and would coincide with the return of Iranian oil to the global market. In the US,
Oficial data released Wednesday showed a continued decline in crude inventories and a record exports for crude and refined products last week.
Meanwhile, Brent prices tumbled 1.9% on Thursday as talks between Iran and the West to revive the 2015 nuclear deal showed signs of progress.
Investors also digested hawkish remarks from Federal Reserve officials ahead of Fed Chair Jerome Powell’s speech at the Jackson Hole symposium later today.