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The Markets
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Proactive UK has moved.
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The Markets
by Proactive
Proactive UK has moved.
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The Markets
by Proactive
Proactive UK has moved.
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Oil & Gas

Strong US growth figures light a fire under the oil price

The oil price eased on Friday, but remained sharply higher for the week, after strong growth figures in the US boosted hopes for demand.

Sophie Lund-Yates at Hargreaves Lansdown noted the hotter-than-expected GDP in the US has "lit a fire under the oil price, with the price of Brent crude up around 4% in a week".

"The more bullish outlook for economic activity comes at the same time as continued disruption in the Red Sea, which raises questions about the possibility of supply disruption.

"All in all, this could make inflation reads slightly trickier next month, but as we know, the oil price can change at very short notice and will need monitoring closely," she said.

The price of Brent crude was trading around 0.7% lower on Friday at $81.87/barrel but up 4.3% for the week.

Shares in BP and Shell were both higher in London on Friday.

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