Brent crude oil is set to achieve its longest streak of weekly gains since July 2024, marking three consecutive weeks of growth.On Friday, Brent futures climbed above $77 per barrel, continuing the momentum from earlier sessions, driven by expectations of increased demand.Colder temperatures across the Northern Hemisphere are anticipated to elevate heating fuel usage, while a seventh straight weekly decline in US crude inventories highlights robust demand.Additionally, Russia’s seaborne oil exports have hit their lowest levels since August 2023, amplifying supply concerns.
Despite these positive factors, Brent’s push to reclaim the $80 mark remains uncertain.
Challenges include potential economic slowdown in China, where inflation hovers near zero, and a stronger US dollar, which diminishes oil’s appeal to global buyers.Furthermore, global trade disruptions and rising US crude supplies under President Trump add to the headwinds.For the week, Brent is poised for moderate gains, reflecting a delicate balance between supportive demand signals and limiting economic pressures.More By This Author:GBPUSD Drops To Its Lowest Since Nov 2023 Brent Eases Below $76 After New 2-Month High 2025 Outlook: 3 Assets To Watch
