Crude oil see strong surge, head for 3rd consecutive monthly gain

Shafaq News / During the last weekly market sessions, crude oil prices witnessed robust increases on Friday, poised to achieve gains for the third consecutive month.

This comes amidst concerns of supply shortages in the markets, particularly as geopolitical tensions persist in Eastern Europe and the Middle East.

However, optimism prevails regarding the potential increase in US demand for crude oil in the coming period.

This optimism stems from positive Us economic growth data for the last quarter of the previous year, which exceeded expectations. These factors have bolstered crude oil prices in trading.

Spot contracts for Brent crude recorded a strong rise of 1.49%, reaching $86.92 per barrel, on track to achieve a third consecutive month of gains, up by 1.86%.

West Texas Intermediate (WTI) crude futures surged by approximately 1.73% to reach $83.06 per barrel, signaling an upward trend for the third consecutive month with gains reaching 2.24%.