Oil Bulls on to 9th Winning Week, But With a Little More Volatility By Investing.com – Investing.com

  • Date: 23-Oct-2021
  • Source: Investing.com
  • Sector:Oil & Gas
  • Country:Gulf
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Oil Bulls on to 9th Winning Week, But With a Little More Volatility By Investing.com – Investing.com



© Reuters.

By Barani Krishnan



Investing.com - Oil bulls scored a ninth straight winning week as market attention again turned to the three-year lows in inventories at the U.S. storage hub for crude, even as and coal prices that supported a recent broad rally in energy turned lower on the week.



U.S. crude’s benchmark settled up $1.26, or 1.5%, at $83.76 per barrel. WTI fell to as low as $80.81 on Thursday but on Friday it reached a peak of $83.86, just a dime below Thursday’s seven-year high of $83.96. For the week, it rose 1.8%, for a cumulative nine-week gain of 34%.



London-traded crude, the global benchmark for oil, settled up 92 cents, or 1.1%, at $83.53. Brent hit a three-year high of $86.10 on Thursday. It rose almost 1% on the week for a seven-week gain of 15%.



Crude prices had their steepest drop in two weeks on Thursday after Russian President Vladimir Putin said the OPEC+ cartel which includes Moscow might put out more barrels than it has announced.



Oil prices were also down as China, India and other consumers fought back against high energy prices which they said could ruin their economies