Oil prices rise, set for weekly loss

24/06/2022 Argaam

Oil prices rose today, June 24, but are set for a weekly loss amid concerns of a global recession after central banks raised interest rates to control inflation.

 

Official weekly estimates for US oil stockpiles were scheduled to be released on Thursday, June 23 but the Energy Information Administration’s (EIA) report was delayed after a power disruption damaged some of the agency’s hardware.

 

Brent for August delivery was trading up 39 cents, or 0.35%, at $110.44 a barrel at 09:01 Makkah time.

 

US West Texas Intermediate (WTI) futures added 47 cents, or 0.45%, to $104.74 a barrel. The WTI futures are still 5% down this week

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