Oil Has Worst Week in Months; UAE’s OPEC Deal Could Open ‘Can of Worms’

SourceYahoo News
SectorEconomy
CountryGulf

Oops!Something went wrong.Please try again later.July 16, 2021, 8:18 AM·3 min readIn this article: Oops!Something went wrong.Please try again later.

By Barani Krishnan

Investing.com – Oil prices had their worst week in months even after crude prices edged higher Friday, as the market absorbed news that the United Arab Emirates had a deal with OPEC+ that at least one hedge fund said could open “a can of worms” on the cartel’s output.

New York-traded West Texas Intermediate crude, the benchmark for U.S. oil, settled up 35 cents, or 0.5%, at $72 per barrel. For the week though, WTI lost $2.56, or 3.4%.

It was the largest weekly loss for U.S. crude since the week ended April 2.

London-traded Brent, the global benchmark for oil, rose 12 cents, or 0.2%, to finish the session at $75.55. For the week, Brent lost $1.96, or 2.6%, for its sharpest weekly decline since the week to May 14.

OPEC+ – which groups the 13 member Saudi-led Organization of...read more...