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Oil prices are rising

2022-09-09T18:13:13.233Z


London, SANA- Oil prices rose today by about 3 percent, to record the second weekly decline, with demand affected by increases


London-Sana

Oil prices rose today by about 3 percent, to record the second weekly decline, with demand affected by large increases in interest rates from central banks.

Reuters reported that Brent crude futures rose $2.70, or 3 percent, to $91.85 a barrel, and US West Texas Intermediate crude futures rose $2.63, or 3.2 percent, to $86.17.

"Over the coming months, the West will have to face the risks of losing Russian energy supplies and rising oil prices," said Stephen Brennock of oil market brokerage PVM.

Despite today's jump, the two benchmarks are heading for a weekly decline, as Brent fell by 1.4 percent over the course of the week, after it reached its lowest level since last January, and West Texas Intermediate crude is also heading for a weekly decline of 0.9 percent.

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Source: sena

All business articles on 2022-09-09

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