Brent crude oil prices fell by 3.6% over the week, marking the largest weekly decline since November 11. This drop was due to the risks associated with the introduction of new restrictions related to the coronavirus pandemic. Additionally, protracted negotiations on a future nuclear agreement with Iran also affected uncertainty in the market.
However, at the start of trading on Friday, crude oil prices strengthened due to the weakening of the dollar and hopes that countries will continue to act with the aim of supporting the global economy. Furthermore, an important factor remains Saudi Arabia's announcement to increase its oil production in July, which may help stabilize the situation in the market.
"This is an unpredictable market, and surprises are always possible," noted one of the analysts. "We observe significant volatility in oil prices and will monitor the developments of events in the near future."
