Market Analysis: Oil Prices Decline Amid Potential Technical Correction

Deep News08:01

Oil prices edged lower during Asian morning trading, potentially signaling a technical correction after both West Texas Intermediate and Brent crude settled higher by 2.9% and 2.8%, respectively, on Friday. The front-month West Texas Intermediate crude futures contract declined 0.3% to $60.86 per barrel, while the front-month Brent crude futures contract fell 0.4% to $65.64 per barrel. Carsten Fritsch from Commerzbank Research suggested in a report that oil prices could also face downward pressure once recent production disruptions, which have been supporting the market, come to an end. The commodities analyst further noted that while oil supplies from Libya and Kazakhstan have been impacted, there are emerging signs of relief.

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