2023-04-22 06:58:00
Brent crude closed at $81.66 a barrel
Brent crude posted a weekly loss of 5.4% and WTI fell 5.6%, weighed down by interest rates and uncertainty regarding demand.
The weekly loss was reduced by the rise in prices in the weekend session on Friday, supported by strong economic data in the eurozone and Britain. Brent crude futures rose 56 cents to $81.66 a barrel. West Texas Intermediate crude rose 50 cents to $77.87 a barrel.
The two benchmarks fell more than 2% 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 inventories.
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.
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