Crude oil posted the biggest weekly gain since October as attacks in the Red Sea forced hundreds of ships to take safer but longer routes, delaying the delivery of oil cargoes. This left both benchmarks up about three per cent for the week after gaining less than one per cent last week. What's driving crude oil prices? In Iraq, oil ministry spokesman Asim Jihad affirmed Iraq's support for the OPEC agreement and its commitment to voluntary oil cuts. -The US inflation data and Houthi attacks in the Red Sea should be more supportive of oil prices than any future increase in output from Angola, according to analysts.

Source: Mint December 23, 2023 21:38 UTC