“Positive risks sentiment swept over markets, spurred by more data showing a deceleration in U.S. price pressures, raising hopes that the Fed may be ‘one and done’ on additional rate hikes,” ANZ Research said in a client note on Friday.
On Thursday, a number of oil fields in Libya were shut down in a protest by a local tribe against a kidnapping of a former minister. Separately, Shell has suspended loadings of Nigeria’s Forcados crude oil due to a potential leak at a terminal. Protests in Libya alone could take more than 250,000 barrels of oil per day from the market, ANZ Research said.
“This comes amid signs that recent cuts to supply from Saudi Arabia and Russia are biting,” it added. Saudi Arabia and Russia, the world’s biggest oil exporters, this month agreed to deepen oil cuts in place since November last year, providing further support to crude prices.Subscribe to our daily newsletter