WTI Crude rebounds by 1.4%

Oil turned positive on Friday, with West Texas Intermediate (WTI) crude futures rebounding by 1.4% to settle at $113.9 per barrel on reports of missile strike and fire at Saudi Aramco facility.

US crude rose by 10.5% this week, after having fallen for the past two weeks, fueled by fears of further supply disruptions due to sanctions against Russia, a prolonged shutdown of the Caspian Pipeline Consortium terminal damaged by a major storm and a decline in US crude inventories.

Also, the US and its allies are discussing a possible further coordinated release of oil from storage to help calm markets roiled by the Russia-Ukraine conflict.

The West Texas Intermediate (WTI) benchmark for US crude is the world’s most actively traded commodity.

Source: Trading Economics