Oil drilling rigs
Oil prices saw a slight decline on Friday, but they are still up by about 4% for the week, supported by the first decrease in US inventories since January and geopolitical tensions.
Brent crude futures for May delivery traded 0.12% lower, after rising by about 4.3% over the past two sessions, at $85.32 a barrel at 10:14 am Makkah Time.
Additionally, WTI crude futures for April delivery dropped by 0.16%, or 13 cents, to $81.13 a barrel.
The International Energy Agency (IEA) anticipated in its report released on March 14 that OPEC and its allies would maintain supply constraints for the remainder of the year to achieve oil market balance.
The agency added that global oil demand is expected to increase by 1.3 million barrels per day in 2024.
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