WTI records 10% weekly losses, Brent below $88

19/11/2022 Argaam

Oil prices rise, head for weekly losses

Oil prices fell for the third straight day on Nov. 18, hurt by signs of oversupply in the crude market.

 

The oil market is pressured by the increasing number of COVID-19 cases in China and continued tightening of monetary policy by global central banks, which signals an economic slowdown.

 

In addition, the US dollar rose today following the statements of Fed's officials on the continuity of interest-rate hike.

 

The US drilling rig count rose one unit to 623 in the week ended Nov. 18, General Electric Co.’s Baker Hughes energy services firm said in its closely followed report on Friday.

 

Brent crude futures for January delivery fell 2.4%, or $2.16, to $87.62 a barrel, with weekly losses of 8.7%. Meanwhile, US West Texas Intermediate (WTI) crude futures moved down 1.9%, or $1.56, to $80.08 a barrel, recording weekly losses of 10%.

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