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Oil ends the week on the rise
- Time: 10/23/2021 09:05:27
- Reading: 1,248 times
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{Economic: Al Furat News} Oil traded at rates slightly lower than its peak in several years as a result of the upward trends regarding declining supplies, which were limited by concerns expressed by world leaders about the possibility of the demand disruptions resulting from the Covid-19 pandemic not ending.
On Friday, Brent crude futures rose 92 cents, or 1.1 percent, to close at $85.53 a barrel.
The benchmark Brent crude reached its highest level in three years on Thursday, when it recorded $ 86.10, and it rose one percent during the week, achieving a rise for the seventh week.
US West Texas Intermediate crude futures rose $1.26, or 1.5 percent, to settle at $83.76 a barrel, close to a seven-year high hit this week. This index rose by 1.7 percent during the week and rose for the ninth consecutive week.
Concerns about coal and gas shortages in China, India and Europe boosted prices, prompting some power generation companies to switch from gas to fuel oil and diesel.
Winters in most parts of the United States are expected to be warmer than average, according to the National Oceanic and Atmospheric Administration's forecast.
The US crude situation has strengthened this week as investors eye a drop in crude stocks at the Cushing oil storage center in Oklahoma. Data from the US Energy Information Administration on Wednesday showed that crude stocks in Cushing fell to 31.2 million barrels, the lowest level since October 2018.
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{Economic: Al Furat News} Oil traded at rates slightly lower than its peak in several years as a result of the upward trends regarding declining supplies, which were limited by concerns expressed by world leaders about the possibility of the demand disruptions resulting from the Covid-19 pandemic not ending.
On Friday, Brent crude futures rose 92 cents, or 1.1 percent, to close at $85.53 a barrel.
The benchmark Brent crude reached its highest level in three years on Thursday, when it recorded $ 86.10, and it rose one percent during the week, achieving a rise for the seventh week.
US West Texas Intermediate crude futures rose $1.26, or 1.5 percent, to settle at $83.76 a barrel, close to a seven-year high hit this week. This index rose by 1.7 percent during the week and rose for the ninth consecutive week.
Concerns about coal and gas shortages in China, India and Europe boosted prices, prompting some power generation companies to switch from gas to fuel oil and diesel.
Winters in most parts of the United States are expected to be warmer than average, according to the National Oceanic and Atmospheric Administration's forecast.
The US crude situation has strengthened this week as investors eye a drop in crude stocks at the Cushing oil storage center in Oklahoma. Data from the US Energy Information Administration on Wednesday showed that crude stocks in Cushing fell to 31.2 million barrels, the lowest level since October 2018.
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