Oil drilling rigs
Oil prices rose on Friday, heading for gains for the third consecutive week thanks to increasing expectations that the US Federal Reserve is nearing the end of its current monetary tightening cycle.
The prices of Brent crude futures for September delivery, the most actively traded, increased by 0.54% to $85.72 at 08:34 AM KSA time.
The prices of US WTI crude futures for August delivery rose by 0.67% to $82.29 per barrel.
Both crude prices are up 2% this week and are set to achieve monthly gains of more than 6% in June.
According to estimates from the CME FedWatch Tool, the likelihood of the Fed making its first interest rate cut this year in September has risen to 64% compared to 50% a month ago.
This has contributed to the strengthening of black gold prices, as lower borrowing costs stimulate economic activity, thereby increasing the demand for and consumption of oil.
https://www.argaam.com/en/article/articledetail/id/1737444
