05.01.202409:00:00UTC+00Oil Set For Weekly Gain On Supply Concerns

Oil prices rose on Friday and were set to post weekly gains amid concerns about Middle East supply.

Benchmark Brent crude future rose about 1 percent to $78.32 a barrel, while WTI crude futures were up 1.2 percent at $73.05.

Both benchmarks were up around 1 percent for the week following the recent spate of attacks on commercial vessels by Yemen-based Houthi rebels.

In an interview given to American television station CNBC, Goldman Sachs has warned that Houthi rebel disruptions reaching the Straits of Hormuz could double oil prices.

The overall gains for the week, however, remained capped after data showed a massive build in U.S. oil product inventories in the final week of 2023.

The Energy Information Administration's report on oil inventories for the week ended December 29th showed that gasoline and distillate fuel inventories spiked by 10.9 million barrels and 10.1 million barrels, respectively - signalling a shaky picture for demand.