- Oil prices are up Friday morning, but down slightly from the seven-year high reached last Friday
- This could be oil’s first weekly loss since mid-December amid progressing nuclear talks between Iran and the U.S.
- A larger-than-expected jump in U.S. inflation that turned the Federal Reserve more hawkish added to overall market bearishness
- Global oil prices could continue to rise because of OPEC+’s “chronic” struggle to revive production unless the group’s largest producers compensate, the IEA warned (Bloomberg)
- “The oil market is incredibly tight,” Toril Bosoni, head of the agency’s market and industry division, said in a Bloomberg TV interview
- “These risks, which have broad economic implications, could be reduced if producers in the Middle East with spare capacity were to compensate for those running out,” the agency said