Crude prices jump up to 11.54pc, biggest weekly gain since Oct


Oil prices surged up to 11 percent last week, their biggest weekly gain since October last year, as Gulf of Mexico oil operators shut the production ahead of a hurricane expected to pass through the Gulf in the weekend.

According to details, Brent, the international benchmark for two-thirds of the world’s oil, gained 11.54 percent during the week to reach $72.70 a barrel. Similarly, the US West Texas Intermediate (WTI) reached $68.74, up by 10.62 percent during the week.

During the week, the price for Opec Basket surged to $70. 75 with 7.06 percent increase, Arab Light price increased 7.43 percent to $72.81 a barrel, while the price of Russian Sokol jumped 7.57 percent to reach $71.48. A weaker US dollar and crude and gasoline inventory draws, as estimated by the EIA, supported oil prices.

However, the oil market is looking at the OPEC+ meeting scheduled for September 1 (Wednesday), which will determine the future course of action for prices. —TLTP

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