Brent monthly gains at 6% despite minor weekly losses
Economy News _ Baghdad
Brent crude posted a monthly gain of around 6% despite a weekly decline of 1.5% last week.
Oil prices are ending the month on gains, buoyed by expectations that OPEC and its allies will agree next week to extend an output cut deal beyond March.
Brent contracts ended the session down $ 1.44, or 2.25%, to settle at $ 62.43 a barrel and end the week down 1.5%. However, global benchmark crude posted the biggest month of gains since April with a rise of around 6%.
US West Texas Intermediate (WTI) crude futures fell $ 2.94, or 4.4%, to settle at $ 55.17 a barrel and end the week down 4.1% after three consecutive weeks of gains. On a monthly basis, US crude jumped about 2.3%, its biggest gain since June.
Volumes were thin the day after the US Thanksgiving holiday.