The North Sea crude, a reference in Europe, closed trading at the Intercontinental Exchange priced at $1.72 above the $68.64 it finished at on Thursday.
Brent ended the week on a high, recovering losses from the previous session above the $70 per barrel mark, as investors assessed a tight short-term market against the surplus supply projected by the International Energy Agency (IEA) in 2025.
The energy agency noted in its monthly report released today that global oil supply would grow three times faster than demand throughout this year, driven, among other factors, by the gradual production increase policies implemented by the Organization of the Petroleum Exporting Countries (OPEC+) in recent months.
Oil prices fluctuated this week amidst uncertainty regarding the tariff policy of U.S. President Donald Trump, following his extension of the deadline to conclude trade negotiations until August 1, while simultaneously threatening new tariffs on copper, semiconductors, and pharmaceuticals.
