Oil prices were flat in morning trading on Friday and on track to log a weekly gain amid expectations of tighter crude supply.
Brent, the benchmark for two thirds of the world’s oil, was trading 0.10 per cent lower at $92.29 a barrel at 10.21am UAE time.
West Texas Intermediate, the gauge that tracks US crude, was down 0.12 per cent at $84.41 a barrel.
“Brent seems to now be settling into a new range, perhaps between $90 and $100, a level most may be relatively comfortable with,” said Craig Erlam, a senior market analyst at Oanda.
Investor focus is expected to turn to “the EU’s plan to cut itself off from Russian imports entirely by the start of December, and the potential introduction of a price cap”, said Edward Bell, senior director of market economics at Emirates NBD.
Read More : https://www.thenationalnews.com/business/energy/2022/10/21/oil-prices-steady-amid-tighter-crude-supply-and-expected-interest-rate-increases/
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