Oil prices rise, poised for third straight weekly loss

10:23 AM (Mecca time) Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices rose on Friday after the US slapped sanctions on individuals and tankers shipping Iranian oil to China. However, oil prices are heading for their third straight weekly loss on the repercussions of the US trade war.

 

Brent crude futures for April delivery rose 0.57%, or $0.42, to $74.71 a barrel at 9:33 Makkah time.

 

Meanwhile, futures prices for US West Texas Intermediate (WTI) crude for March delivery increased over 0.47%, or $0.33, to $70.94 per barrel.

 

Both contracts are set for a weekly loss of 2.8% and 2.3%, respectively.

 

The US Treasury Department said it had imposed new sanctions on individuals and tankers shipping millions of barrels of Iranian oil to China annually.

 

Yeap Jun Rong, market strategist at IG said oil prices saw some stability return this morning following a volatile session overnight, as traders react to news of U.S. sanctions on Iranian crude exports to China, Reuters reported.

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