INSUBCONTINENT EXCLUSIVE:
The oil market experienced a subtle shift as the week drew to a close
A stronger dollar put pressure on crude prices, causing a slight dip in the final trading session.Despite this, oil managed to secure a
Brent crude, the global benchmark, settled at $74.49 per barrel on Friday.This represented a modest decline of 0.52% for the day
However, Brent still achieved an impressive weekly surge of more than 4%.Meanwhile, West Texas Intermediate (WTI) crude futures closed at
benchmark saw a more pronounced daily drop of 1.22%
Monetary policy decisions played a significant role in shaping market sentiment throughout the week.Oil Prices Dip Slightly as Dollar
Strengthens, Yet Commodity Gains Over 3% for the Week
(Photo Internet reproduction)Investors closely monitored these developments and their potential impact on oil demand
Hezbollah commander in Beirut heightened concerns about regional stability
This event underscored the ongoing risks to oil supply in the volatile region.Analysts have long warned about the potential consequences of
an escalated conflict between Israel and Hezbollah.Such a scenario could potentially draw in Iran, a major oil producer, further
complicating the supply dynamics in the Middle East.Despite these geopolitical concerns, the strengthening dollar emerged as a key factor in
currency typically makes dollar-denominated oil more expensive for holders of other currencies.This can potentially dampen demand
As the market moves forward, traders will continue to balance these competing factors.The interplay between monetary policy, geopolitical
risks, and currency movements will likely remain central to oil price dynamics in the coming weeks.
