2024-02-02T04:36:06+00:00
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/ Oil prices are heading towards their biggest weekly loss since early November as negotiations progress to reach an agreement to stop the war between Israel and Hamas in what could be a crucial step towards ending the conflict.
West Texas Intermediate crude rose above $74 a barrel on Friday, but was still down about 5% on the week. Brent was also on track for a weekly decline.
Talks on a ceasefire are still in their early stages, and no breakthrough is expected in the coming days, people familiar with the matter said.
Oil capped its monthly advance in January, following attacks on commercial vessels in the Red Sea, but strong supply and concerns about demand from key consumers kept prices from rising sharply. The OPEC+ alliance signaled on Thursday it would stick to output cuts this quarter.
OPEC cut its daily oil output by 490,000 barrels last month, as the producer group and its allies embarked on a new effort to prevent a global glut and higher prices, according to a Bloomberg survey.