Oil records strong weekly gains, falls for 5th straight month

31/03/2023 Argaam
Oil tanks

Oil tanks

Oil prices rose on Friday, driven by economic data and amid continued fears about weak supplies.

 

US consumer spending declined in February. In addition, oil production in northern Iraq fell, which reduces crude supplies.

 

The US drilling rig count fell one unit to 592 in the week ended March 31, General Electric Co.’s Baker Hughes energy services firm said in its closely followed report on Friday.

 

Brent futures for May delivery settled 0.6% or $0.50 higher at $79.77 a barrel, with weekly gains of 6.8%. However, they recorded monthly and interim losses of 4.4% and 7.1%, respectively.

 

West Texas Intermediate (WTI) crude for May delivery closed 1.8% or $1.30 higher at $75.67 a barrel, recording weekly gains of around 9%. However, it recorded monthly and interim losses of 1.8% and 5.7%, respectively.

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