CEM REPORT, ENERGY | Crude prices have ended the week strong as it started despite midweek slump. The strong start was driven by fears of supply disruptions following the terrorist attacks by Hamas on Israel. However, the bullish sentiment quickly faded after the intervention by Saudi Arabia which promised to work with international partners to stabilize the oil market.
WTI went as low as $83.41 pb from around $86 pb at the start of the week while Brent went down to $85 pb, the week lowest.
As at the time of this report, Brent has rallied to $90.08 pb from the $85.61 pb yesterday’s price. WTI on the other has hit $86.75 pb having climbed from $83.41 pb previous day price.
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Bonny Light presently sells for $89.40 pb having added 1.09% from $88.64 pb it sold midweek.