Business News Asia
Crude oil futures closed slightly higher on Friday (Aug. 19) after volatile trading, as concerns over weak demand continue to drag oil prices lower this week.
In addition, the prospect of a nuclear agreement with Iran, which could increase oil supply on the world market, has led to further pressure.
- WTI crude futures were up 27 cents, or 0.3%, at $90.77 a barrel.
- BRENT crude futures were up 13 cents, or 0.1%, at $96.72 a barrel.
This week, WTI futures fell 1.4% and Brent futures fell 1.5%.
Crude oil contracts did not rise very much as investors remain concerned about the recession and falling oil demand. On the other hand, the U.S. Federal Reserve (Fed) is expected to raise interest rates at an accelerated pace to contain inflation.
Investors are also focusing on progress in negotiating the nuclear agreement with Iran. This could allow Iran to return to global oil exports.
The European Union (EU) has received a response from Iran to the EU’s proposal to revive the 2015 nuclear agreement. The U.S. had previously stated that it was ready to conclude an agreement with Iran as soon as the EU proposal was accepted.
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Saturday, August 20, 2022