Oil prices rose by 2.5% in trading, Friday, after positive economic data and with monitoring the prospects for demand and supply of crude.
stability Brent crude futures contract at $101.16 a barrel It recorded an increase of $2.06, or 2.1%, but recorded weekly losses of about 5.5%.
While West Texas Intermediate crude futures rose at $97.59 a barrel to gain $1.81, or 1.9%, they fell 6.9% during the week.
And oil prices received some support from US data that showed a rise in US retail sales that exceeded expectations during the past month, indicating the continued strength of consumer spending despite the acceleration of inflation, according to Archyde.com.
Oil prices recorded their biggest weekly drop in about a month. This is largely due to concerns at the beginning of this week that an imminent recession might curb demand.
The Fed’s more hawkish monetary policymakers said they were leaning toward another rate hike of 75 basis points at the Fed’s monetary policy meeting this month, not as much as traders were quick to prepare for after Wednesday’s report showed that inflation accelerates.
Uncertainty related to raising interest rates and weak economic data pushed the two contracts to decline on Thursday’s session, and fell below the closing level on February 23, a day before Russia invaded Ukraine, but both crude oil prices made up for their losses by the end of the session.