Los prices of oil remain below $100 per barrel. This Friday, Crude rose regarding 1% before falling slightly. Also, Crude heads for weekly loss due to growing concerns regarding a global economic slowdown in the face of rising inflation rates.
The momentary rise in prices this Friday was supported by the drastic drop in US crude oil inventoriesas the nation exported a record 5 million barrels of oil per day in the most recent week as European countries look to replace Russian crude.
Prices of a barrel of Brent and Texas oil today, August 19: how much does it cost and how much is it quoted?
At 12:30 pm ET on Friday, US West Texas Intermediate (WTI) crude oil was up $0.91, or 1.01%, trading at $91.41. On the other hand, Brent futures traded at $97.25 a barrel, up 0.68% or $0.660, according to OilPrice.com.
However, according to the real-time update at 2:04 pm ET, the WTI fell 0.03%, trading at $90.47; while the Brent trades at $96.20, with a fall of 0.40%.
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Despite the rise this Friday, both benchmark contracts, WTI and Brent, are headed for weekly losses of around 1.5 percent. On the other hand, the price gap between spot and second-month Brent futures has narrowed by regarding $5 a barrel since late July to less than $1, according to Archyde.com.
In the meantime, Crude oil prices are expected to rise sharply once more later this yearas supply will shrink as European buyers start looking for alternative supplies to replace Russian oil.
