WTI crude oil futures declined 1% to settle at $77.89 per barrel and Brent crude oil futures fell 0.6% to settle at $80.79 per barrel on Friday, driven by expectations of a ceasefire agreement in Gaza, which could reduce attacks on ships by Yemen's Houthi militia.
Despite this drop, oil prices marked a fourth consecutive week of gains, rising more than 1%, primarily fueled by concerns over new U.S. sanctions targeting Russian oil producers and tankers, raising fears of tighter global oil supplies.
Analysts highlighted that these concerns, coupled with expectations of U.S. interest rate cuts amid easing inflation, have provided strong support for the oil market. Investors are also closely monitoring potential policy changes under a potential Donald Trump presidency, including the possibility of tougher sanctions on Russian oil. Additionally, China's economic recovery and prospects for increased demand have further bolstered market sentiment.
Source : Trading Economics
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