Oil prices climbed about 1% to a two-week high on Friday as the intensifying war in Ukraine this week boosted the market's geopolitical risk premium.
Brent futures rose 94 cents, or 1.3%, to settle at $75.17 a barrel. U.S. West Texas Intermediate (WTI) crude rose $1.14, or 1.6%, to settle at $71.24.
Both crude benchmarks were up about 6% for the week, their highest settlements since Nov. 7 as Moscow stepped up its Ukraine offensive after Britain and the U.S. allowed Kyiv to strike deeper into Russia with their missiles.
"The Russia-Ukraine escalation has raised geopolitical tensions beyond levels seen during the year-long conflict between Israel and Iran-backed militants," said Saxo Bank analyst Ole Hansen.
President Vladimir Putin said Russia would keep testing its new Oreshnik hypersonic missile in combat and had a stock ready for use. Russia fired the missile into Ukraine, prompted by Ukraine's use of U.S. ballistic missiles and British cruise missiles to hit Russia.
Source : Reuters
Oil headed for the biggest weekly loss since late June as traders positioned for a key OPEC+ decision on supply this weekend. Brent futures edged marginally higher on Friday, but were still...
Oil prices edged higher on Friday but remained on course for a weekly loss of about 7-8% after news of potential increases to OPEC+ supply. Brent crude futures gained 43 cents, or 0.67%, to $64.54 a ...
Oil was on track for the biggest weekly decline since late June, ahead of an OPEC+ meeting that's expected to result in the return of more idled barrels, exacerbating concerns around oversupply. ...
Oil prices fell about 2% to their lowest in four months on Thursday, extending a run of declines into a fourth day, due to concerns about oversupply in the market ahead of a meeting of the OPEC+ group...
Oil prices weakened on Thursday (October 2), extending their decline into a fourth day on concerns about oversupply in the market. Brent crude futures fell 37 cents, or 0.6%, to $64.98 a barrel at 11:...
The S&P 500 closed mostly flat on Friday, the Dow Jones extended its record run, rising 240 points finisheing at 46,758 after briefly surpassing 47,000 during the session, while the Nasdaq slipped 0.3% as the US government shutdown entered its...
Federal Reserve (Fed) Bank of Dallas President Lorie Logan struck a nervous tone on Friday, warning that despite a rapidly-weakening labor market, a lot of potential policy moves could accidentally spark another round of renewed inflationary...
If it just seems like the first Friday of the month wasn't the same without being able to pore through the Bureau of Labor Statistics' hotly watched monthly jobs report, don't worry. You probably didn't miss much. While the BLS has gone dark with...
The bottom line: The release of official US data is delayed because the federal government is currently in shutdown. While the budget hasn't been...
European stocks extended gains on Friday, with the STOXX 50 up 0.4% and the STOXX 600 rising 0.3% to fresh record highs, as optimism around...
The business activity in the US service sector stagnated in September, with the Institute for Supply Management's (ISM) Services Purchasing Managers...
Asia-Pacific markets opened mostly higher Friday, tracking Wall Street gains as investors shrugged off the U.S. government shutdown.
Investors are...