Weekly drop in oil prices

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Weekly drop in oil prices, today, Sunday, March 20, 2022 01:15 am

Oil prices ended last week’s trading on the rise on Friday, but recorded its second weekly loss in a row, and Brent crude futures closed at an increase of $1.29 by about 1.2% to $107.93, while the US West Texas Intermediate crude futures closed at $1.72, or 1.7% at $104.70 a barrel.

Both record contracts ended the week with a decline of about 4%, as prices reached their highest levels in 14 years about two weeks ago, which encouraged waves of selling to take profits since then.

Prices rose 3 percent Thursday, and Brent crude futures rose $3, or 3.1 percent, to $101.09 a barrel, and West Texas crude rose $2.8, or 3 percent, to $97.84 a barrel.

On Wednesday, West Texas crude for April delivery rose 0.5% to $96.87 a barrel on the New York Mercantile Exchange.

Brent crude, the May settlement, rose 1% to $100.86 on the European ICE Futures Exchange.

Prices fell on Tuesday, to their lowest level in 3 weeks.