Wed, 25 May 2022

Oil prices settle higher, notching weekly gain

29 Jan 2022, 08:30 GMT+10

NEW YORK, Jan. 28 (Xinhua) -- Oil prices rose on Friday to notch a solid gain for the week.

The West Texas Intermediate (WTI) for March delivery added 21 cents, or 0.24 percent, to settle at 86.82 dollars a barrel on the New York Mercantile Exchange. Brent crude for March delivery increased 69 cents, or 0.77 percent, to close at 90.03 dollars a barrel on the London ICE Futures Exchange.

"There are no new reasons to explain the renewed surge in the crude oil price: it is still concerns about supply disruptions if the Ukraine crisis escalates," Carsten Fritsch, energy analyst at Commerzbank Research, said Friday in a note.

For the week, WTI and Brent rose 2 percent and 2.4 percent, respectively, chalking up their sixth consecutive weekly gain.

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