Stability in oil prices, despite its tendency to record a weekly decline

Oil prices were largely stable on Friday, but are heading for a weekly decline amid fears of sharp interest rate increases, which is expected to curb global economic growth and fuel demand.

Brent crude futures rose 25 cents, or 0.3 percent, to $91.09 a barrel by 0921 GMT, but fell by 1.9 percent during the week.

US West Texas Intermediate crude futures also rose 11 cents, or 0.1 percent, to $ 85.21, down 1.8 percent this week.

The two benchmark indices are heading to post losses for the third consecutive week, partly because the strength of the US dollar is making oil more expensive for buyers who use other currencies.

Since the beginning of the third quarter until now, both crudes have fallen by 20%, in the worst quarterly percentage decline since the start of the Corona pandemic in the first quarter of 2020.