INSUBCONTINENT EXCLUSIVE:
The oil market experienced a subtle shift on Friday, September 13, 2024, as prices fell slightly
managed to climb over the week
This represented a 0.46% decrease, or $0.32, on the New York Mercantile Exchange.Brent crude for November delivery settled at $71.61 per
barrel on the Intercontinental Exchange
It fell by 0.50%, or $0.36
For the week, WTI crude gained 1.45%, while Brent crude rose by 0.77%.Early Friday, oil prices initially surged by over 1%
Traders anticipated minimal damage to oil infrastructure, allowing for quick operational resumption.Capital Economics predicts Brent crude
will likely end the year at nearly $70 per barrel
They cite weak global demand as a key factor pressuring prices.Bank of America projects Brent at $70 from 2026 onward
ongoing weakness in oil demand
sensitivity to weather events and global economic conditions
It underscores the delicate balance between supply, demand, and external factors in shaping oil prices.
