Crude oil futures inched higher on Friday, supported by a surprise drop in U.S. oil inventories and simmering Middle East tensions, but prices were headed...
SINGAPORE - Crude oil futures inched higher on Friday, supported by a surprise drop in U.S. oil inventories and simmering Middle East tensions, but prices were headed for their biggest weekly loss in more than a month on worries of lower demand.
However, U.S. crude production hit a record high of 13.5 million barrels per day last week, EIA data showed, adding to concerns about rising supply as Libyan output resumes and as the Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, planned to further unwind production cuts in 2025.
"While markets appear to have focused on reports that the U.S. urged Israel not to target oil infrastructure, driving the latest price easing, these risks remain high as rhetoric remains heated," they added.
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