Oil prices set for fourth straight weekly gain

17/01/2025 Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices rose on Friday, heading for the fourth straight weekly gain, driven by the fresh US sanctions that affected Russian supplies.

 

Brent crude futures for March delivery rose 0.43%, or $0.31, to $81.60 a barrel at 9:24 am Makkah time.

 

Meanwhile, futures prices for US West Texas Intermediate (WTI) crude for February delivery increased 0.62%, or $0.49, to $79.17 per barrel.

 

Both contracts are set to record weekly gains of nearly 2.5% and 3.6%, respectively.

 

The primary driver of oil prices throughout the week was the US broad sanctions against Moscow last Friday, targeting 183 oil tankers, known as the Russian "shadow fleet," in addition to two major crude oil production companies.

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