2023-04-21 20:54:00
© Archyde.com. A Total oil refinery in France – Photo from Archyde.com archive.
HOUSTON (Archyde.com) – They rose on Friday, supported by strong economic data in the region and Britain, but futures fell this week, weighed by interest rates and uncertainty regarding demand.
Crude futures rose 56 cents to 81.66 a barrel. West Texas Intermediate crude rose 50 cents to $77.87 a barrel.
Brent recorded a weekly loss of 5.4%, and West Texas Intermediate crude fell 5.6%.
The two benchmarks fell more than 2 percent on Thursday, to their lowest levels since the unexpected announcement in early April of production cuts by some OPEC countries, due to recession fears and swelling US gasoline stocks.
Survey data from the euro zone and Britain boosted oil prices on Friday.
Surveys showed that the economic recovery in the euro zone accelerated unexpectedly this month as the bloc’s dominant services industry saw an already strong rise in demand, offsetting an increasing slowdown in manufacturing.
(Prepared by Muhammad Harfoush for the Arabic Bulletin – Edited by Ayman Saad Muslim)
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