2023-07-07 19:30:35
Oil prices rose about 3 percent, to their highest levels in six weeks, on Friday, after fears of a supply shortage outweighed concerns that higher interest rates would slow economic growth and lower demand for oil.
Sharjah 24 – Archyde.com:
Oil prices rose about 3%, hitting their highest levels in 9 weeks, on Friday, as fears of a supply shortage outweighed concerns that higher interest rates would slow economic growth and lower demand for oil.
Brent crude futures rose $1.95, or 2.6%, to $78.47 a barrel by 15:06 GMT, and US West Texas Intermediate crude rose $2.06, or 2.9%, to $73.86 a barrel.
The two benchmarks are heading to record their highest closing since the first of last May, on their way to record a weekly increase of about 5% for Brent and WTI.
With regard to supply, Saudi Arabia and Russia announced new production cuts this week, bringing the total reduction in production of the OPEC + alliance, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies, to about five million barrels per day, which is equivalent to 5% of global demand for crude. .
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