Oil price staged a minor rally on Friday as traders covered shorts after another week of declines.
At the time of writing on Friday, Brent crude is up 1.24%, while WTI crude is up 1.21%.
Brent crude has stabilised above $77 but is heading for its fourth consecutive weekly drop.
WTI crude was trading at $73.80 per barrel, while Brent crude is $78.39.
According to Sophie Lund-Yates from Hargreaves Lansdown, even though “this (what this) outweighed concerns around OPEC+’s decision to go ahead with voluntary supply cuts,”
Additionally, “prices are still elevated compared to pre-pandemic, but this window does potentially offer some respite to businesses and consumers if it can be sustained—and in the short term, that will depend on escalating tensions in the Middle East”, said Lund-Yates.