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Oil Limits Weekly Gains on US Inventories Rise

M. Ali 14 November, 2020 2:16 am Commodities, Market Update

Oil prices declined on Friday after data showed a surprise buildup in American crude inventories yesterday, and amid the rise in new Coronavirus cases in many countries, especially in the United States.

However, oil futures recorded high weekly gains, supported by positive news about a Coronavirus vaccine at the beginning of the week.

Brent crude futures for January delivery declined by 75 cents, or 1.7%, to close the week at $42.78 per barrel, adding 8.4% for the week.

Meanwhile, the West Texas Intermediate (WTI) crude futures for December delivery decreased by 99 cents, or 2.4%, and finished at $40.13 per barrel, registering weekly gains of 8.1%.

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