Crude oil prices surged up to 2.43 percent for the sixth straight week, hitting the seven-year highs last week.
The global oil prices were lifted by Russia-Ukraine tension, supply concerns and easing concerns over the spread of the Omicron coronavirus variant. In the previous five weeks, the global crude oil prices surged up to 2.13 percent, 5.27pc, 8.85pc, 2.15pc, and 4.13pc, respectively.
During the last week, the US West Texas Intermediate (WTI) reached $86.82 from $85.14, up by 1.97 percent. The lowest closing for the week, $83.31, remained on Monday while the highest closing for the week was on Wednesday at $87.35.
Similarly, Brent, the international benchmark for two-thirds of the world’s oil, increased 2.43 percent during the week to reach $90.03 from $87.89 a barrel. .—TLTP
