Samson » March 19th, 2022
Oil records its second weekly loss
Oil prices closed on the rise, but recorded their second weekly loss in a row after a volatile trading week, amid difficulty in finding an alternative to Russian oil in a market suffering from shortages.
Brent crude futures closed up $1.29, or 1.2%, to $107.93 a barrel, a day after rising about 9% in the biggest daily percentage gain since mid-2020. US West Texas Intermediate crude futures closed up $1.72, or 1.7%, at $104.70 a barrel, adding to a jump of 8% in the previous session. Both benchmark contracts ended the week down about 4 percent after prices moved in trading within the $16 range.
Prices reached their highest level in 14 years nearly two weeks ago, prompting a wave of profit-taking since then.
After a fourth day of talks with Ukraine, Russia said no agreement had yet been reached. There were some signs of progress earlier in the week.
“Previous expectations of a Ukraine-Russia ceasefire or agreement are fading as Russia’s military offensive on major cities continues, suggesting further financial sanctions against Russia,” said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois. LINK
Source: Dinar Recaps
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