Oil pares weekly loss with U.S.-Saudi announcement expected
BNN Bloomberg
Oil clawed back some of its weekly decline, with President Joe Biden’s trip to Saudi Arabia set to yield no announcement on oil.
West Texas Intermediate rose to trade above US$98 a barrel, capping another hugely volatile week of trading, which saw prices at one point wipe out all of their gains since Russia invaded Ukraine.
Biden touched down in Saudi Arabia on Friday as part of a Middle East tour. He is expected to leave the region without a public announcement on increasing oil supply, however, people familiar with the matter said. Attention will turn to OPEC+’s next production moves in early August.
Stronger-than-expected US retail sales in June also helped to buoy crude futures on Friday, though the figures aren’t adjusted for inflation. The value of overall retail purchases increased 1 per cent, after an upwardly revised 0.1 per cent decline in May, Commerce Department figures showed.