Oil prices witnessed a slight increase at the end of trading on Friday, but recorded a decline for the second week in a row. This is due to investors’ analysis of data indicating a slowdown in inflation in the United States, which reduced the impact of concerns about supplies, especially with the “OPEC+” alliance moving towards resuming increased production.
Brent crude futures rose at settlement by 23 cents, or 0.3%, to $67.75 per barrel. Meanwhile, US West Texas Intermediate crude futures rose by five cents, or 0.08%, to record $62.89 per barrel upon settlement.
Over the course of the week, the two benchmarks recorded a decline, after suffering losses of approximately 3% in Thursday’s session. “Brent” recorded a weekly loss of about 0.5%, while “West Texas Intermediate” fell by 1%.
