Crude oil loses ground, but posts second weekly gain in a row | 11.10.24

(RTTNews) – Crude oil prices fell modestly in trading on Friday, giving up ground after rising in the previous session.

After rising $2.61, or 3.6 percent, to $75.85 a barrel on Thursday, November crude fell $0.29, or 0.4 percent, to $75.56 a barrel. Despite the decline on the day, crude oil prices rose 1.6 percent this week.

Crude oil prices edged higher for a second straight week as traders continued to digest Iran’s ballistic missile attack on Israel earlier this month.

Traders continue to wait for Israel’s response to the attack, amid concerns that Iran’s oil industry will be targeted, leading to supply disruptions.

Israel’s security cabinet reportedly met Thursday to discuss the response to Iran’s attack, with President Joe Biden and Prime Minister Benjamin Netanyahu speaking by phone on Wednesday.

Meanwhile, traders were looking ahead to a press conference by China’s finance minister this weekend, where details of the country’s fiscal policy adjustments aimed at fueling the economic recovery will be revealed.