Oil prices slide but settle up for a fifth straight week on supply concerns – The National

  • Date: 22-Jan-2022
  • Source: The National
  • Sector:Oil & Gas
  • Country:Gulf
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Oil prices slide but settle up for a fifth straight week on supply concerns – The National

Oil prices slid for a second day in a row on Friday, pressured by an unexpected rise in US crude and fuel inventories while investors took profits after the benchmarks touched seven-year highs earlier in the week.

However, both crude benchmarks rose for a fifth week in a row, gaining around 2 per cent this week. Prices were up more than 10 per cent so far this year on concerns over tightening supplies.

Brent futures fell 49 cents, or 0.6 per cent, to settle at $87.89 a barrel, while US West Texas Intermediate crude fell 41 cents, or 0.5 per cent, to settle at $85.14.