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Oil Summary at European Close: Crude Finishing Week Stronger

OIL

Crude prices have ticked up on the day and are finishing the week up around 6-7%. Crude has found support today amid reports that Hezbollah plans to escalate its fight with Israel, raising concerns of a widening conflict in the Middle East.

  • Brent APR 24 up 0.3% at 83.12$/bbl
  • WTI APR 24 up 0.3% at 77.81$/bbl
  • Today has seen an escalation of tensions between Israel and Iran-backed, Lebanon-based, Hezbollah following an Israeli attack which killed 10 Lebanese civilians this week. In a televised address a short time ago, Hezbollah leader Sayyed Hassan Nasrallah, responding to the attack, said Israel will pay a price "in blood."
  • UKMTO has received a report of an incident 70NM north west of al Mukha, Yemen, the agency said via X.
  • India has resumed importing Russian Sokol grade crude with at least two refiners taking deliveries for February, trading sources and ship tracking data showed.
  • Azerbaijan’s crude oil production stood at 474kbpd last month, below its OPEC+ quota of 551kbpd according to a statement by the Energy Ministry.
  • Russia has reduced daily crude oil processing by 4% in the first two weeks of February from January's average level and by 8.6% from the same period last year, sources told Reuters on Friday.
  • The leader of the Patriotic Union of Kurdistan said a restart of northern Iraq crude oil exports via the Turkey’s Ceyhan will not happen anytime soon.
  • The excess of supertankers in the Middle East compared to crude cargoes for the next 30 days dropped to 25% Feb. 16, according to Bloomberg.

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