Oil prices experienced a slight dip on Friday but were still on track for a second consecutive weekly gain. By 1103 GMT, Brent crude futures had decreased by 27 cents, or 0.4%, reaching $71.73 per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude futures fell by 22 cents, or 0.3%, to $67.85 per barrel.
Despite the small decline in prices, both Brent and WTI are showing positive trends over the week. This follows a period of rising prices that have been supported by market conditions, including supply concerns and increasing global demand.
The slight drop on Friday reflects typical market fluctuations, but experts believe that oil will continue to maintain its upward momentum in the coming weeks. Factors such as geopolitical tensions, OPEC production decisions, and seasonal demand patterns often play a key role in the fluctuations of oil prices.
The market appears optimistic about the continued rise in oil prices, making this the second consecutive week of gains for the commodity.
