Oil Prices Set for Weekly Loss as Demand Concerns Offset Geopolitics

Crude oil prices were set for a weekly loss today despite a flare-up in the Middle East and the virtual certainty OPEC+ would not be bringing any barrels back anytime soon. Brent crude was trading at $73.38 per barrel at the time of writing, and West Texas Intermediate was changing hands for $69.15, both up from Thursday but down on the start of the week as the U.S. brokered a ceasefire between Israel and Lebanon’s Hezbollah. The ceasefire is already fraying at the edges, with Israel bombing Lebanese targets hours after its announcements…