Crude prices record weekly gains

Oil prices varied during Friday’s trading session, but they are heading towards recording weekly gains of about two per cent amidst the scarcity of US supplies. Brent crude fell by about 0.21 per cent to $95.18 per barrel, while US crude futures rose by less than 0.1 per cent to $91.78 per barrel, according to the CNBC. Oil prices fell by about 2 per cent Thursday, as traders moved towards taking profits after prices rose to the highest level in 10 months and amid fears that the interest rate hike would affect demand for crude. Improving macroeconomic data in China – the world’s largest crude importer – along with strong levels of demand for fuel during the Golden Week holiday in China, which began today and continues for a week, contributed to supporting prices.

Source: Jordan News Agency