Oil prices rose slightly in the week ending March 24, over supply uncertainties after US' announcement on Strategic Petroleum Reserves (SPR) and increasing tension between the US and Iran in eastern Syria.
International benchmark Brent crude was trading at $73.33 per barrel at 2.01 p.m. (1101 GMT) on Friday, posting a 0.43% rise from the Monday session that opened at $73.01 a barrel.
The American benchmark West Texas Intermediate (WTI) registered at $67.18 per barrel at the same time on Friday, increasing 0.84% relative to the opening price of $66.62 a barrel on Monday.
Prices started the week on a negative note over demand fears triggered by a global economic recession and low demand caused by the financial crisis in the US after the collapse of Silicon Valley Bank and Signature Bank.
Prices continued their downward trajectory on Tuesday with the uncertainty on the next moves of the US Federal Reserve (Fed) before announcement of its interest rate decision Wednesday.
The Fed raised its benchmark interest rate Wednesday by another 25 basis points despite a banking crisis, which saw the sudden demise of four banks in a matter of weeks.
Prices came under demand pressure after the American Petroleum Institute (API) announced late Tuesday its estimate of a rise of over 3.26 million barrels in US crude oil inventories, relative to the market expectation of a 1.4-barrel fall.
According to official data released by the Energy Information Administration (EIA) late Wednesday, US commercial crude oil inventories increased by 1.1 million barrels to 481.2 million barrels during the week ending March 17, signalling low demand in the country.
Oil prices slightly increased on Friday in a volatile trading session over supply uncertainties after US Energy Secretary Jennifer Granholm said refilling the country's Strategic Petroleum Reserve (SPR) may take several years.
Meanwhile, further supply concerns were triggered by the rising tensions between the US and Iran after the former conducted airstrikes Thursday against Iran-backed groups in eastern Syria in response to a drone attack that killed a US contractor and injured five service members.
Defense Secretary Lloyd Austin said he authorized US Central Command forces to conduct precision airstrikes 'against facilities used by groups affiliated with Iran’s Islamic Revolutionary Guard Corps (IRGC).'
By Ebru Sengul Cevrioglu
Anadolu Agency
energy@aa.com.tr