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Wednesday, November 6, 2024

Home Business Oil futures dip 13pc on weekly basis as wild ride continues

Oil futures dip 13pc on weekly basis as wild ride continues

by News desk
April 4, 2022
in Business

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Crude oil futures dipped up to 13 percent on a week-on-week (WoW) basis, with prices posting their largest one-week percentage loss in nearly two years and continuing their wild ride amid the Russia-Ukraine conflict.

Prices declined on the back of the largest-ever release from US crude reserves and news of a coordinated release by other International Energy Agency (IEA) members from emergency stockpiles.

Brent, the international benchmark for two-thirds of the world’s oil, edged lower by $16.26 (-13.48 percent) to $104.39 from $120.65 on a week-on-week (WoW) basis.