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Oil prices end the week with a significant decline


May, 03 2024
watermark Economic news

On Friday morning, oil quotes are growing slightly, but the asset ends the whole week with a significant decline.


The market was pressured by an increase in oil reserves in the United States this week, as well as a decrease in geopolitical risks amid hopes for a truce between Israel and Hamas.


The current price of Brent oil is $83.60 per barrel.  The average price last week was around $90. North American WTI crude is trading near $79 per barrel after rising to $84.30 last week. Since the beginning of the week, Brent has lost 4.9%, WTI – 5.6%.


This drop in the oil market reinforces expectations that OPEC+ countries will continue to limit production. Most traders and analysts assume that the alliance countries will extend voluntary production restrictions until the end of this year.


In general, traders took a wait-and-see attitude, and the market stabilized. Experts believe that with the WTI price below $80 per barrel, OPEC has every reason to extend the current restrictions on oil production.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.