Oil prices rose on Friday, paring sharp losses from the previous session, after Hezbollah rejected a new Lebanon ceasefire proposal and Oman’s Mina al Fahal terminal suspended oil loadings following an explosion.<\/p>\n
Brent crude futures rose \u200b33 cents, or 0.35%, to $95.36 a barrel by 0408 GMT after settling down 2.84% \u200bin the previous session.<\/p>\n
US\u00a0West Texas Intermediate crude was at $93.06 a barrel, up \u20602 cents, or 0.02%, following a 3.1% loss on Thursday.<\/p>\n
Both contracts are set to post \u200btheir first weekly gain in three weeks, with WTI up more than 6%, after fighting flared up \u200bin the Middle East as US-Iran war-peace talks dragged on while traffic in the Strait of Hormuz, where a fifth of the world’s oil passes, remained limited.<\/p>\n
Reuters reported on Friday that Oman’s Mina al Fahal terminal \u200bhas\u00a0suspended\u00a0oil loading following an explosion near its single-buoy mooring (SBM) berths due to an alleged drone \u200battack.<\/p>\n
Analysts have also flagged concerns of falling oil inventories globally that could cause a price spike in the \u200cthird quarter.<\/p>\n
Hezbollah \u2060leader Naim Qassem\u00a0rejected on Thursday\u00a0a US-brokered agreement between Israel and the Lebanese government to halt the fighting. Iran has made a ceasefire in Lebanon a condition for any peace deal with Washington.<\/p>\n
Read:\u00a0Oil falls as Lebanon and Israel agree on a ceasefire<\/p>\n
US\u00a0President Donald Trump\u00a0said on Thursday he believed progress was being made between Israel and \u200bLebanon and that Lebanon deserved \u200bto have peace.<\/p>\n
“Any \u2060optimism remains heavily clouded by a tangled web of headlines and counter-headlines,” IG market analyst Tony Sycamore said in a note.<\/p>\n
“From a technical perspective, as \u200blong as (WTI) crude oil remains above trendline support in the low $80s, the \u200brisks remain \u2060skewed to the upside”.<\/p>\n
OPEC is sticking to its\u00a0oil demand growth forecast\u00a0of 1.2 million barrels per day for this year, Secretary General Haitham Al Ghais said on Thursday, despite the Middle East conflict and \u2060closure \u200bof the Strait of Hormuz.<\/p>\n
Iranian oil exports\u00a0have fallen to \u200btheir lowest level in six years, mainly due to the US\u00a0naval blockade, according to shipping data, although\u00a0weak demand in \u200bChina\u00a0has depressed prices for the oil.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices rose on Friday, paring sharp losses from the previous session, after Hezbollah rejected a new Lebanon ceasefire proposal and Oman’s Mina al Fahal terminal suspended oil loadings following an explosion. Brent crude futures rose \u200b33 cents, or 0.35%, to $95.36 a barrel by 0408 GMT after settling down 2.84% \u200bin the previous session. …<\/p>\n","protected":false},"author":1,"featured_media":4381,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-4379","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/pakistantimesusa.net\/index.php?rest_route=\/wp\/v2\/posts\/4379","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pakistantimesusa.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pakistantimesusa.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pakistantimesusa.net\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/pakistantimesusa.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4379"}],"version-history":[{"count":1,"href":"https:\/\/pakistantimesusa.net\/index.php?rest_route=\/wp\/v2\/posts\/4379\/revisions"}],"predecessor-version":[{"id":4384,"href":"https:\/\/pakistantimesusa.net\/index.php?rest_route=\/wp\/v2\/posts\/4379\/revisions\/4384"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pakistantimesusa.net\/index.php?rest_route=\/wp\/v2\/media\/4381"}],"wp:attachment":[{"href":"https:\/\/pakistantimesusa.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4379"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pakistantimesusa.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4379"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pakistantimesusa.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4379"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}