Why Oil Prices Could Spike Next Week ...Middle East

OILPRICE - Economy
Why Oil Prices Could Spike Next Week
source : OILPRICE ( Middle East ) () 19
U.S. West Texas Intermediate crude oil futures are trading higher on Friday on reports that OPEC and its allies will ignore President Biden’s request to boost supply at next week’s production meeting. A weaker U.S. Dollar and stronger risk sentiment is also lending support at the close of the week. Crude oil traders have been reacting positively to the hope that U.S. monetary tightening would not be as hawkish as initially expected after disappointing economic growth figures were released on Thursday. Another big event driving the price…

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