‎Oil rises, set for third weekly straight loss

‎Oil rises, set for third weekly straight loss

Oil prices rose today, May 5, but are still heading for the longest losing run this year, as slowdown concerns and turmoil in the US banking sector prompted.

Brent crude contract for July traded 0.98%, or $0.71, higher at $73.21 a barrel at 08:04 Makkah Time, despite nearly an 8.5% drop this week.

West Texas Intermediate (WTI) crude for June delivery added 0.9% to $69.18 a barrel. However, the US crude benchmark has still retreated by about 10% this week.

Oil prices dropped 14% year to date following the OPEC+ decision to cut output starting from May.

Investors are awaiting today the US job report for April.