After a series of weekly losses, oil prices rise to $73 a barrel

Oil prices are heading towards recording the third consecutive weekly decline, which is the longest period of oil loss witnessed this year, despite the price hike today, Friday, to $73 per barrel.

Despite today’s rise, US Nymex crude is still down by about 10 percent this week after a decline that lasted four days, and Brent crude fell by nearly 9 percent during the week.

Oil prices have been hit by growing concern that the US economy is on its way to slipping into recession, which could hurt demand for oil, as well as investors following signs of continued instability among US regional banks.

Oil prices have also fallen 14 percent this year, even after the decision of the OPEC Plus group to cut production starting this month.

Today, oil movements witnessed an increase, as Brent crude rose by 0.9 percent to $73.17 a barrel, and Nymex crude rose by 0.85 percent to $69.13 a barrel.

Source: National Iraqi News Agency