Oil drilling rigs
Oil prices rose on Friday, amid continued geopolitical tensions in the Middle East and concerns about shipping in the Red Sea.
Brent crude futures for February delivery gained 0.60% to $79.87 a barrel at 09:00 am KSA Time.
US West Texas Intermediate (WTI) crude for February delivery rose 0.62% to $74.35 a barrel. Brent crude and WTI gained over 4% for the second straight week.
Oil prices could see a rebound “due to the geopolitical conflicts and the imminent implementation of OPEC’s production cuts,” said Leon Li, an analyst at CMC Markets in Shanghai.
A small supply gap is likely to occur in January next year, and WTI crude oil may rise to $75-$80 per barrel, he added.
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