Oil prices rise and fall weekly

Oil prices rise and fall weekly
Oil prices rise and fall weekly

Oil prices rise and fall weekly

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Oil prices surged higher on Friday but fell weekly after China’s health officials eased some tough Covid-19-related restrictions in the country, raising hopes of improving economic activity and demand at the world’s largest crude oil importer.

Brent crude futures rose $2.32 to $95.99 a barrel to continue a 1.1 percent gain in the previous session but fell 2.6 percent on the week.

US West Texas Intermediate crude oil futures rose $2.49, or 2.9 percent, to $88.96 a barrel after rising 0.8 percent in the previous session but fell about 4 percent on the week.

Both benchmarks fell during the week on rising US oil inventories and ongoing concerns over fuel demand tightening in China, but gains over the weekend limited losses.

The weak US dollar is fueling demand for oil as it makes it cheaper for buyers of other currencies.

Prices also rose on Friday after a smaller-than-expected rise in US inflation fueled hopes that the Federal Reserve will cut the scope of forthcoming rate hikes.

And the Bloomberg Agency reported on Friday that Saudi Energy Minister Prince Abdulaziz bin Salman said OPEC+ would remain cautious on oil production, noting that members have a “foggy” view of the global economy ahead of the organization’s next meeting in December .

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