Oil price slides, but climbs for 5th week on supply concerns


Brent futures fell 49 cents, or 0.6%, to settle at $87.89 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 41 cents, or 0.5%, to settle at $85.14. Earlier in the week, both Brent and WTI rose to their highest levels since October 2014.

NEW YORK: Oil prices slid for a second day in a row on Friday, pressured by an unexpected rise in U.S. crude and fuel inventories while investors took profits after the benchmarks touched seven-year highs earlier in the week.

However, both crude benchmarks rose for a fifth week in a row, gaining around 2% this week. Prices were up more than 10% so far this year on concerns over tightening supplies.

Subscribe or renew your subscriptions to win prizes worth up to RM68,000!

Monthly Plan

RM13.90/month

Annual Plan

RM12.33/month

Billed as RM148.00/year

1 month

Free Trial

For new subscribers only


Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Oil price , Brent , oil , West Texas Intermediate , WTI , Opec+ , Omicron , supply ,

   

Next In Business News

Affin Bank's net profit jumps 45% to RM145.82mil in 3Q
KLCI remains positive as heavyweights bounce higher
Malaysia's inflation comes in at 1.9% in Oct
Globetronics shares rally in early trade after Taiwan deal
Nissan to cut or transfer about 1,000 jobs in Thailand, sources say
Singapore Q3 GDP up 5.4% y-o-y, higher than advance estimate; 2024 forecast upgraded
Ringgit extends uptrend against greenback in early trade
FBM KLCI rebounds as Wall Street returns to a rally
Trading ideas: PetDag, Atlan, Thong Guan, Maxim, Globetronics, 7-Eleven, Petron, DRB-Hicom, Dayang, MSM, Aeon, SunCon, UEM Sunrise
Oil rises 2% as Russia-Ukraine war escalates

Others Also Read