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Oil Logs Fifth Consecutive Weekly Gains

M. Ali 26 June, 2021 2:36 am Commodities, Market Update

Oil prices rose on Friday, extending gains for the fifth consecutive week due to expectations for demand recovery.

Brent crude futures for August delivery rose by 62 cents, or 0.82%, its biggest rise since June 21, to close at $76.18 per barrel, rising by $2.67, or 3.63% for the week.

This marked the largest increase for the global benchmark’s front-month contract since May 28, as it continues to register a new highest level since October 29, 2018.

Meanwhile, the West Texas Intermediate (WTI) added 75 cents, or 1.02%, to finish at $74.05.

For the week, the Nymex futures rose by 3.87%.

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