Oil drilling rigs
Oil prices continued their upward trend for the third consecutive day on Friday, heading toward their largest weekly gains since early January. 
Brent crude futures for May delivery rose by 0.43%, or 31 cents, to $72.31 a barrel as of 09:16 am KSA time, extending this week’s gains to 2.5%.
Similarly, US WTI for May delivery climbed 0.48%, or 33 cents, to $68.4 a barrel, on track for a weekly rise of about 2%, the largest since the first week of this year.
This rise comes after the US imposed sanctions on a Chinese refining company and a fuel station operator due to their involvement in importing Iranian oil. This marks the first direct action against China’s refining sector as the Trump administration seeks to pressure Tehran into negotiating a new nuclear deal.
Oil prices also received support from a new OPEC+ plan announced yesterday, March 20, in which seven member states agreed to make additional production cuts to compensate for exceeding agreed-upon output levels.
Oil drilling rigs
Oil prices continued their upward trend for the third consecutive day on Friday, heading toward their largest weekly gains since early January.
Brent crude futures for May delivery rose by 0.43%, or 31 cents, to $72.31 a barrel as of 09:16 am KSA time, extending this week’s gains to 2.5%.
Similarly, US WTI for May delivery climbed 0.48%, or 33 cents, to $68.4 a barrel, on track for a weekly rise of about 2%, the largest since the first week of this year.
This rise comes after the US imposed sanctions on a Chinese refining company and a fuel station operator due to their involvement in importing Iranian oil. This marks the first direct action against China’s refining sector as the Trump administration seeks to pressure Tehran into negotiating a new nuclear deal.
Oil prices also received support from a new OPEC+ plan announced yesterday, March 20, in which seven member states agreed to make additional production cuts to compensate for exceeding agreed-upon output levels.
