Oil Closed 3% Higher on Friday, but Down Over 5% for the Week

Crude oil futures jumped on Friday (March 11) as investors worried about oil supply disruptions. Due to the sanctions imposed on Russia, a significant part of the global oil supply shortage could occur. Traders also took advantage of the opportunity and secured positions after oil prices eased somewhat in recent days.

  • WTI crude futures were up $3.31, or 3.1%, at $109.33 a barrel, but were down 5.5% for the week.
  • BRENT crude futures were up $3.34, or 3.1%, at $112.67 a barrel, but were down 4.6% for the week.

Experts believe that oil prices will continue to rise, at least in the near future, and many institutions have raised their forecasts for oil prices.

Analysts continue to expect the price of Brent crude oil to exceed $100 per barrel in the second quarter, compared with a previous forecast of $85 per barrel. Russia supplies about 9% of the world’s crude oil, which cannot be compensated for in the short term. In addition, OPEC still sees no reason to further increase the current supply, which the UAE Ministry of Energy underlined once again during the week.

UAE Energy Minister Suhail al-Mazroi said the UAE will continue to abide by OPEC+ decisions.

Carsten Fritz, Energy Analyst at Commerce Bank stated that “Russia is likely to produce less oil as a result of the sanctions imposed by many buyers. This will result in tight oil volumes.”

The Spot Market is Closed

Saturday, March 12, 2022

Energy
Updated at
USD
Price

Change

%Change
Crude Oil
13.40

109.09

+3.07

2.90%

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