Oil prices firm despite heading for a weekly decline

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

According to “Reuters”, Brent crude futures rose 25 cents, or 0.3%, to $91.09 a barrel by 0921 GMT, but they fell by 1.9% during the week.

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

The two benchmark indices are heading to record losses for the third consecutive week, partly due to the strength of the US dollar, which makes 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.