Oil markets overview this week
Oil prices saw a slight decline this Friday morning, with Brent crude futures dropping to $105.51 per barrel and West Texas Intermediate slipping to $97.43. This comes amid investor evaluations of the potential easing of U.S. sanctions on the shadow fleet that transports oil from Russia, Iran, and Venezuela. The previous session had seen price increases following the release of large quantities of U.S. stocks and the International Energy Agency's announcement of withdrawing over 20 million barrels of diesel to boost supply and curb prices. It is expected that easing sanctions on the shadow fleet and calming tensions in the Middle East will help stabilize the oil market.
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