Oil Prices Slightly Decline After Surpassing $85 Mark

Oil prices saw a slight decrease on Friday, marking a pause in the commodity's upward trend as traders chose to cash in following a notable price surge. Despite this dip, oil was set to record an approximate 4% gain for the week. This rise in price was propelled by factors such as significant drops in U.S. crude and fuel inventories, reported drone attacks on Russian oil facilities, as well as increased forecasts for energy consumption.

Crude Futures Retract from Highs

Specifically, Brent crude oil futures with a May delivery schedule dropped by 41 cents, translating to a 0.5% decrease, bringing the price to $85.01 a barrel by 1234 GMT. This came after the futures notably crossed the $85 threshold for the first time since the previous November on Thursday. Concurrently, the U.S. West Texas Intermediate (WTI) crude, set for April delivery, saw a 32 cent fall, which corresponds to a 0.4% decline, settling at $80.94.

oil, commodities, trading