Mubasher TV
Contact Us Advertising   العربية

Oil prices see worst declining streak in 3 yrs

Oil prices see worst declining streak in 3 yrs

Mubasher: Oil prices rose on Friday amidst concern of a decline in supplies, but could not recover from another weekly decline.

Nymex futures for September delivery rose by 1.2% to $67.63 per barrel.

Meanwhile, brent crude levelled up by more than $1 to settle at the level of $72.96 a barrel.

American crude is down 1.2% for the week, recording its sixth consecutive weekly decline for the first time in three years, while brent declined 0.5% compared to its level by the end of last Friday’s trade.

The weekly report of Baker Hughes showed a record increase in the number of active oil and gas rigs in the United States on Friday.

Oil rigs went up by 10 to a total of 869 by the end of the week.