Oil drilling rigs
Oil prices rose on Friday on bullish outlook driven by the Federal Reserve’s possibility of cutting the interest rate three times in 2024, which will boost liquidity in the markets.
Brent crude for February delivery increased 0.21% to $76.77 a barrel at 9:09 am Makkah time.
WTI contracts rose 0.15% to $71.69 a barrel. Both contracts are set to record the first weekly gain since October.
“Oil prices may see a bit of a ‘demand pull’ due to improved liquidity conditions after the Fed’s dovish pivot,” said Kelvin Wong, an analyst at OANDA.
World consumption will rise by 1.1 million barrels per day (bpd) in 2024, the Paris-based IEA said in a monthly report, up 130,000 bpd from its previous forecast, citing an improvement in the outlook for the US and lower oil prices.
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