Oil Prices Edge Higher on Thursday

PUKMEDIA

Oil Prices.

On Thursday, 17 April 2025, global oil prices moved slightly higher, influenced by newly announced US sanctions on Iranian oil exports and renewed commitments from key OPEC+ producers to implement further output reductions. The moderate increase followed a period of relatively quiet trading, supported by expectations of tighter supply and a weaker US dollar.

Brent crude rose to $66.40 per barrel, up 34 cents (0.5%), while West Texas Intermediate (WTI) settled at $63.13, gaining 29 cents (0.46%). The modest rise reflects a market response to recent supply-side developments, which may provide short-term support for prices.

Investor sentiment was influenced by announcements from Iraq and Kazakhstan regarding additional production cuts, alongside the latest US policy measures affecting Iranian oil exports. A softer US dollar also contributed, making oil more affordable in other currencies.

At the same time, market participants remain cautious amid signs of slowing economic activity in the US and China—two of the largest oil-consuming nations. Recent data pointing to reduced manufacturing and trade activity have raised concerns over future demand.

Looking ahead, markets will be focused on forthcoming economic indicators and central bank guidance, which could shape expectations around inflation, interest rates, and energy consumption trends. While supply factors are currently in focus, demand-side uncertainty continues to weigh on the broader outlook.


PUKMEDIA