Despite a second consecutive week of decline, oil prices rose slightly on Friday, with Brent crude up 0.4% at $83.66 a barrel and U.S. West Texas Intermediate crude up 0.4% at $79.36 a barrel.
The strengthening of the dollar ahead of a speech by Federal Reserve Chair Jerome Powell contributed to the decline in prices. However, concerns over tight supply eased, helping to support a modest price increase.
The market is closely monitoring developments in the oil sector, including talks between Turkey and Iraq’s Kurdistan regional government on oil exports, and the possible easing of sanctions on Venezuela’s oil sector. Saudi Arabia is expected to continue voluntary output reductions, which have helped to stabilize prices.
Challenger Energy Group plc (LON:CEG) is a Caribbean and Atlantic margin focused oil and gas company, with a range of petroleum assets located onshore in Trinidad and Tobago, and Suriname, and offshore in the waters of The Bahamas and Uruguay.
