NEW YORK — Oil prices climbed to fresh one-week highs on Friday after US President Donald Trump warned of “consequences” if Russia obstructed a Ukraine peace deal, stoking fears of supply disruptions.
Market sentiment also received a boost from stronger-than-expected Japanese economic growth, signaling robust demand prospects from one of the world’s largest crude importers.
Market Moves
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Brent crude futures rose 16 cents (0.2%) to $67.00 a barrel by 03:17 a.m. Saudi time.
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US West Texas Intermediate (WTI) gained 14 cents (0.2%) to $64.10 a barrel.
Geopolitical Pressure
Traders are closely watching Friday’s Trump–Putin meeting in Alaska, where the Ukraine war ceasefire tops the agenda. Prolonged conflict has supported oil prices by curbing Russian supplies, though Trump said he believes Moscow may be ready to end the fighting.
Japan’s Economic Boost
Fresh government data showed Japan’s GDP grew at an annualized 1.0% in Q2, far above market forecasts of 0.4%. On a quarterly basis, GDP expanded 0.3%, compared with expectations of 0.1%. Stronger economic activity typically drives higher oil consumption.
Fed Concerns Limit Gains
Still, oil’s rally was capped by worries that the US Federal Reserve could keep interest rates higher for longer after recent hot inflation data and weak job figures. Higher rates generally weigh on fuel demand.
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