Oil prices continue to rise due to concerns about dwindling fuel supplies from Russia

Baghdad, Oil prices continued to rise today, Friday, but are heading to record the first weekly loss in three weeks, as the impact of fears of inflation and slowing global growth due to the closures in China to combat the pandemic, outweighed the impact of concern over dwindling fuel supplies from Russia.

According to Reuters: Brent crude futures rose $1.81, or 1.7 percent, to $109.26 a barrel by this morning, and US West Texas Intermediate crude futures rose $1.55, or 1.5 percent, to $107.68 a barrel.

However, both benchmarks contracts are heading towards recording a weekly decline, with Brent crude expected to drop about three percent and US crude to fall about two percent.

The market remains volatile, with the European Union possibly imposing a ban on Russian oil supplies, leading to supply shortages, and concerns about faltering global demand.

Source: National Iraqi News Agency

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