Oil settled lower on Friday but gained about 3% during the week
However, both Brent and WTI gained more than 3% on a weekly basis, driven by stronger demand in the US and a series of attacks on Russian refineries.
International benchmarks for crude oil ended the trading day on Friday, 15 March 2024 slightly lower on the concerns that the FED might not be able to cut interest rates anytime soon given the stubbornly high inflation.
However, both Brent and WTI gained more than 3% on a weekly basis, driven by stronger demand in the US and a series of attacks on Russian refineries.
Brent inched 9 cents lower to close at $85.33/barrel. This was the first time since November 2023 that Brent topped the $85/barrel benchmark.
WTI loses 17 cents to settle at $81.09/barrel.