English
Oil ends the week lower in light of demand concerns after a Russian ban
Oil prices stabilized at settlement today, Friday, but ended the week lower due to profit-taking operations and with markets balancing concerns about supplies due to Russia’s ban on fuel exports and fears of raising interest rates in the future.
Brent crude futures fell three cents to $93.27 a barrel at settlement. It fell 0.3% during the week, stopping a series of gains that lasted three weeks
While US West Texas Intermediate crude futures rose 40 cents, or 0.5%, to $90.03 per barrel. Crude oil fell 0.03% during the week, which is the first decline in four weeks
The two crude oils rose by more than 10% over the previous three weeks amid concerns about global supply shortages
US Federal Reserve officials indicated the possibility of raising interest rates again
High interest rates increase borrowing costs, which may slow economic growth and reduce demand for oil
At the same time, Russia's temporary ban on gasoline and diesel exports to most countries is expected to result in tight supplies.
