Oil prices rise on geopolitical tensions and tightening supply

SINGAPORE - Oil prices extended gains on Friday and headed for a second weekly gain, supported by geopolitical tensions in Europe and the Middle East, concerns over tightening supply , and optimism about global fuel demand growth as economies improve.

"Further clampdowns on adherence to quotas should see output fall further in Q2," the ANZ analysts said.Heavy oil supply has also tightened globally after Mexico and the United Arab Emirates cut exports of these grades. Former White House attorney Ty Cobb predicted Wednesday that the 11th Circuit Court could ultimately decide to remove Judge Aileen Cannon from the case involving former President Trump’s mishandling of classified documents at his estate in Florida. In an interview on CNN’s “Erin Burnett OutFront,” the former Trump administration official pointed to special counsel Jack…"If you have illegal aliens invading your home, we will deport you," the former president said at a rally.

Source: News Formal (newsformal.com)

Oil Prices Geopolitical Tensions Tightening Supply Global Fuel Demand Brent Crude West Texas Intermediate Crude

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