Oil prices rise, record six-month weekly losses

Oil prices rose on Friday, April 28, but recorded losses for the sixth straight month, driven by heightened recession fears and the banking crisis. 

 

Brent crude for June delivery gained 1.5% to settle at $79.54 a barrel. The July contract recorded weekly and monthly losses of 2.6% and 0.4%, respectively.

 

Meanwhile, WTI crude for June delivery settled 2.7% higher at $76.78 a barrel. It posted a weekly loss of 1.4%, but recorded a monthly gain of 1.3%.

 

"The market was down much of the week on worries about a looming economic recession and an expansion of the banking crisis with First Republic," Reuters reported, citing Phil Flynn, an analyst at Price Futures Group.

 

On the other hand, the US oil rig count was unchanged at 591, according to Baker 

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Commodity Price

 
Brent Crude Oil
74.98
1.95 2.63%
Nymex
71.58
2.07 2.94%

Popular Links

Quick Links

Join Us

Argaam.com Copyright © 2024, Argaam Investment, All Rights Reserved
Call Request