Oil prices set for weekly gains amid strong US demand, Biden’s offshore drilling ban

2025-01-11 03:48:08

(MENAFN) Oil prices are poised to rise this week, supported by stronger-than-expected demand signals from the US, expectations of higher global demand due to colder weather, and leader Joe Biden's ban on offshore drilling along much of the US coastline.

By 2:35 PM local time (1135 GMT) on Friday, the international benchmark brent crude traded at USD78.77 per barrel, marking an increase of approximately 3 percent from last week's closing price of USD76.47.

Meanwhile, West Texas Intermediate (WTI), the US benchmark, was priced at USD75.44 per barrel, up about 2.45 percent from USD73.63 per barrel at the close of the previous week.

Data from the American Petroleum Institute (API) and the US Energy Information Administration (EIA) pointed to a rise in demand in the US, the world’s largest oil consumer. API reported a drop of 4.02 million barrels in crude inventories, far exceeding market expectations of a 250,000 barrel decrease, while the EIA recorded a 1 million barrel drawdown for the week ending January 3.

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