Brent crude rises, records weekly gain of over 4%

11/01/2025 Argaam

Oil rises on forecasts for increased heating fuel demand

Oil drilling rigs

Oil prices extended rally on Friday, hitting their highest level in three months. They recorded gains for the third straight week, following assessment of US sanctions on Russia and amid colder weather in Europe and the US.

 

Brent crude futures for March delivery leapt 3.7%, or $2.84, to $79.76 a barrel, recording a weekly gain of 4.25%.

 

Meanwhile, futures prices for US West Texas Intermediate (WTI) crude for February delivery jumped 3.6%, or $2.65, to $76.57 per barrel, with weekly gain of 3.55%.

 

The US imposed fresh sanctions on various Russia-based entities, including oil producers, tankers, traders, and ports.

 

JPMorgan analysts stated in a note on Friday, "We anticipate a significant year-over-year increase in global oil demand of 1.6 million barrels per day [bpd] in the first quarter of 2025, primarily boosted by ... demand for heating oil, kerosene and LPG."

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