WTI continues its winning streak due to supply concerns amid Middle-East tensions and weather-related disruptions. Escalated tensions between Israel and Lebanon’s Hezbollah could potentially involve Iran, a major Oil exporter. Over the past week, Ecuador's production has decreased by 100,000 barrels per day due to heavy rains. West Texas Intermediate crude Oil price extends gains for the third successive session, trading near $81.80 during the Asian session on Friday.
On Thursday, the French foreign ministry expressed concern over the situation in Lebanon. Earlier, Turkey declared its solidarity with Lebanon and called for support from regional governments, according to Reuters. Reuters also cited FGE Energy on Friday, stating that Oil supplies have been pressured by weather-related disruptions, which could worsen in the coming weeks. Heavy rains have caused Ecuador's production to decline by 100,000 barrels a day over the past week.
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