Muscat: Oil prices today stabilized, amid expectations of growing US fuel demand. Brent crude futures edged up 3 cents to $67.02, while US West Texas Intermediate (WTI) crude was at $62.77 a barrel, up 8 cents. Both contracts gained more than 1% last week.
According to Oman News Agency, the stabilization in oil prices comes against the backdrop of anticipated higher fuel demand in the United States. Market analysts suggest this expectation is driven by economic indicators pointing toward increased consumption. The gradual return to pre-pandemic activities and travel has also contributed to the positive outlook for fuel demand.
The slight increase in Brent and WTI prices reflects cautious optimism among investors. Despite the modest gains, market participants remain vigilant, closely monitoring geopolitical factors and economic data that could influence future oil demand and pricing.