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[size=36]Oil prices hit a new high[/size]
Economie| 10:09 - 07/08/2022
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Follow-up- Mawazine News:
Oil prices rose slightly in volatile Asian trading on Friday, reversing previous losses as the market weighed severe global supply concerns against recession fears.
Brent crude futures rose 48 cents, or 0.5 percent, to $105.13 a barrel by 0630 GMT, after rising nearly 4 percent on Thursday.
US West Texas Intermediate crude rose 3 cents to $102.76 a barrel, after settling up 4.2% the previous day.
However, both contracts are still set for their second consecutive weekly loss. Trade this week was marked by a sharp sell-off on Tuesday, when WTI fell 8% and Brent sank 9%.
And Brent's decline of $10.73 was the third largest drop for the contract since it began trading in 1988.
Oil prices rose slightly in volatile Asian trading on Friday, reversing previous losses as the market weighed severe global supply concerns against recession fears.
Brent crude futures rose 48 cents, or 0.5 percent, to $105.13 a barrel by 0630 GMT, after rising nearly 4 percent on Thursday.
US West Texas Intermediate crude rose 3 cents to $102.76 a barrel, after settling up 4.2% the previous day.
However, both contracts are still set for their second consecutive weekly loss. Trade this week was marked by a sharp sell-off on Tuesday, when WTI fell 8% and Brent sank 9%.
And Brent's decline of $10.73 was the third largest drop for the contract since it began trading in 1988.
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