Brent crude futures climbed 34 cents, or 0.39%, to $86.43 per barrel by 0347 GMT. West Texas Intermediate crude futures rose 40 cents, or 0.49%, to $82.56."Russian exports are showing signs of weakening as production is reported to have been curtailed by 700,000 barrels per day ," said analysts from ANZ Bank in a client note.
"Despite renewed economic pressures in the U.S. and Europe, global demand for mobility fuels has increased 2.2 million bpd during the reference week ending April 8, compared to year-ago levels," JP Morgan analysts said in a client note. Friday morning's marginally higher levels come at the end of a week in which both benchmarks reached their highest levels in more than two months on decelerating U.S. inflation data and a weakening dollar.
The U.S. dollar index releases this week raised expectations that the Fed was approaching the end of its rate hiking cycle.
America's 'friend' the Saudis voted to cut production. Maybe it's time America considers nationalizing its oil, institute price controls, and only export to our closest allies and partners.
You just said it was dumping yesterday
tesla 🇺🇸 FTW!!! Oil is so damn obsolete.
Thanks Biden
Let's go Brandon.
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