Oil prices gain but third straight weekly loss looms over demand concerns – The National
Oil prices gain but third straight weekly loss looms over demand concerns – The National
Crude prices were steady on Friday but were on track to record their third consecutive weekly loss over Chinese demand concerns and Russian price cap talks.
Brent, the benchmark for two thirds of the world’s oil, was slightly higher at $85.71 a barrel at 11.54am UAE time. West Texas Intermediate, the gauge that tracks US crude, was up 0.4 per cent at $78.45.
“Oil markets remain bound to the cut and thrust of EU negotiations over the Russian oil price cap,” said Daniel Richards, Middle East and North Africa economist at Emirates NBD.
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