Oil set for weekly gain as demand outlook improves – The National

Oil set for weekly gain as demand outlook improves – The National

Oil prices fluctuated on Friday, paring early gains but are set to post a weekly gain, as investors weighed continued supply disruptions amid the Russia- Ukraine crisis against an improved demand outlook, driven by use of oil for power generation.

Brent, the global benchmark for two-thirds of the world's oil, was trading 1.41 per cent lower at $98.82 per barrel at 5.05pm UAE time on Friday. West Texas Intermediate, the gauge that tracks US crude, was down 1.61 per cent at $92.82 a barrel.

Brent is on track to climb about 3 per cent for the week, following last week's 14 per cent fall, its biggest weekly decline since April 2020 on recession fears and its impact on fuel demand.