However, on the day Brent Crude it rose $2.37, or 2.3%, to $107.14 a barrel and US West Texas Intermediate crude gained $2.06, or 2%, to $104.79. The prices of this Friday accompany the prices of the commodity that shot up during the first half of the year. Brent crude approached a record $147 after Russia launched its invasion of Ukraine in February, raising supply concerns that some analysts expect will worsen.
During the week, the price of “black gold” became highly volatile, with Brent losing nearly 4.1% and WTI losing 3.4%. Prices slumped on Tuesday as crude taken mainly from the North Sea sank $10.73, the contract’s third-biggest decline since it began trading in 1988.
“Economic concerns may have roiled oil prices this week, but the market continues to give bullish signals. This is because supply shortages are more likely to intensify from now on rather than lessen.”said Stephen Brennock, of the PVM oil broker.
Source: Ambito
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