Oil prices suffered their third consecutive weekly loss after falling sharply earlier in the week, such as decisions to raise interest from major central banks and fears that the U.S. banking crisis could slow the economy and slump crude demand.
Brent crude ended the week down 5.3%, while West Texas crude fell 7.1% and Khama’s measurement fell over 3 weeks connected for the first time since last November.
Weekly crude losses came despite a price jump first yesterday at the end of the trading week, as crude rises did not offset losses that I had since the beginning of the week.
Brent crude oil closed up $ 2.80, 3 .9%, at $ 75.30 first yesterday and West Texas Intermediate (WTI) increased $ 2.78, 4 .1%, to $ 71.34, when settled, after falling over 4 days to its lowest level since late 2021. A better-than-expected U.S. job report helped allay fears of an impending economic recession.
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