Wednesday, January 19, 2022

Oil posts biggest week of losses in nine months

Global crude oil prices closed out their biggest week of losses in more than nine months, as investors sold futures in anticipation of weakened fuel demand worldwide due to a surge in COVID-19 cases.

So falling for the seventh straight day yesterday, Brent crude futures ended the week at 65.42 dollars a barrel, nearly its lowest since May; and it slumped about 7 percent for the week. US crude futures for September, closed the week at 62.62 dollars a barrel and it plunged almost 8 percent for the week.

 

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