New York November 18 2023: Oil prices jumped more than 4% on Friday, rebounding from a four-month low hit in the previous session, as investors who had taken short positions took profits and while U.S. sanctions on some Russian oil shippers lent support.
Brent crude futures settled up $3.19, or about 4.1%, at $80.61 a barrel, while West Texas Intermediate crude (WTI) rose $2.99, or 4.1%, at $75.89.
“You’re getting a natural profit-taking rebound and short covering, to a degree,” said John Kilduff, partner at Again Capital LLC in New York.
Some of the losses were offset after the U.S. imposed sanctions this week on maritime companies and vessels for shipping Russian oil sold above the Group of Seven’s price cap.
Still, both benchmarks ended the week more than 1% lower, their fourth straight weekly decline, mostly weighed down by a rise in U.S. crude inventories and sustained record high production.
China’s deepening property crisis and slowing industrial growth also weighed.
