SINGAPORE (dpa): Oil prices stabilised on Friday following a volatile week, but the overall level remained high amid persisting tensions over the Strait of Hormuz.
A barrel of Brent crude for July delivery was trading at US$110.81 on Friday morning, after closing just over US$111 on Thursday night.
The price of United States (US) West Texas Intermediate (WTI) crude for June delivery fell by around 0.5 per cent to US$104.74.
It comes after the price for Brent crude surged to over US$126 per barrel on Thursday in what marked the highest jump in four years, after US President Donald Trump signalled he was considering further attacks on Iran amid stalled negotiations.
“Price falls are viewed with caution, but when prices rise, many investors jump on the bandwagon,” Carl Larry, analyst at consultancy firm Enverus, said about the trading activity of the past few days.
As the week draws to a close, observers consider trading volumes on the oil market to be rather low.
In many countries, the financial markets are closed on Friday due to International Workers’ Day.
— BERNAMA-dpa
