Oil Price closes higher with continuing weekly losses
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| Oil Price Today |
Oil prices rose by more than 2% at the close of trading on Friday, following the release of US economic data that supported expectations about demand growth, but both crude oils suffered their seventh consecutive weekly loss, which is the longest series of weekly losses in about 5 years - since 2018 - and that. Due to fears of increased supply.
Brent crude futures rose by 2.4%, or $1.79, to close at $75.84 per barrel, while US West Texas Intermediate crude closed at $71.23 per barrel, up by 2.7%, or $1.89.
Every week, raw materials recorded losses of 3.8% after recording the lowest level since June yesterday, Thursday, in an indication that investors see an oversupply in the market.
What also slowed the market was the release of Chinese customs data, which revealed that its imports of crude oil in November fell by 9% from the previous year, as high inventory levels, weak economic indicators, and slowing demand from independent refineries weakened demand.