Oil prices are rising despite a rough start to 2024 here’s why

News Snapshot:

Oil's bumpy start in 2024 has turned into a steady climb in recent weeks, with futures for West Texas Intermediate (CL=F) and Brent (BZ=F) up more than 9% and 7% year to date, respectively. On Friday, WTI traded above $78 per barrel while Brent hovered above $83 per barrel, both on pace for their fourth weekly gain out of the past five. Escalating tensions in the Middle East, easing concerns of too much US production, and ongoing cuts from the oil producers alliance, OPEC+, have kept prices on an upward trajectory. "I think most analysts are pretty confident that the...