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2022-03-12 05:07
Oil closes with a weekly loss of about 5%
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2022-03-12 05:07
Shafak News/ Despite the gains of yesterday's session, oil prices recorded a weekly loss since last November, as both crudes declined by 5% at the end of the week's trading.
Brent crude closed in its last session on Friday, up $3.34 to reach $112.67, but it achieved a weekly loss of $5.44, equivalent to 4.61%.
The US West Texas Intermediate crude also closed up by $3.31 to reach $109.33 a barrel, but it also recorded a weekly loss of $6.35, or 5.49%.
Oil prices rose last week, as crude oil prices jumped 7% in a volatile session, as fears of disruption to Russian oil exports due to Western sanctions outweighed expectations of an increase in Iranian crude supplies if Washington concludes a nuclear deal with Tehran.
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Brent crude closed in its last session on Friday, up $3.34 to reach $112.67, but it achieved a weekly loss of $5.44, equivalent to 4.61%.
The US West Texas Intermediate crude also closed up by $3.31 to reach $109.33 a barrel, but it also recorded a weekly loss of $6.35, or 5.49%.
Oil prices rose last week, as crude oil prices jumped 7% in a volatile session, as fears of disruption to Russian oil exports due to Western sanctions outweighed expectations of an increase in Iranian crude supplies if Washington concludes a nuclear deal with Tehran.
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