Oil prices are finishing the week in an upbeat mood on Friday, despite unresolved oversupply issues following a big meeting in Doha.
The world’s biggest oil producers convened last Sunday for crisis talks but, as many analysts expected, could not agree on supply curbs.
As Business Insider previously reported, the Saudis reiterated that they wouldn’t freeze production unless other nations did too, particularly Iran. However, Iran is unlikely to do that now it’s free from sanctions.
Investors didn’t seem to mind the continued glut of oil, though, as prices climbed into the weekend.
West Texas Intermediate (WTI) crude was up 2.43% to $44.23 (£30.71) on Friday as of 3:10 p.m. GMT (10.10 a.m. ET):
Brent crude rose at almost the same rate,
up 2.38% to $45.59 (£31.65) on Friday at 3:10 p.m. GMT (10.10 p.m. ET):
As well as favourable currency conditions, one reason for the upsurge is the recent strike in Kuwait, which is slowing down production. Oil workers went on strike last Sunday over proposed government cutbacks as a response to the price crash.
Despite the strike ending a couple of days ago, oil prices have continued to rise — though they may drop again as production levels get back to pre-strike levels.
OPEC nations will be meeting again in June to discuss the oversupply problems still facing oil. Another failure to agree on production curves there could result in another price crash.