Oil Prices Rise for the Second Week

Oil prices recorded an increase during the past week, despite a decline on the last day of the week, Friday, by about 1%, amid fears of a slowdown in global demand for crude due to the strength of the dollar, alongside negative economic data from various regions around the world. Prices fell on Friday despite signs of improvement in U.S. oil demand and a decrease in fuel stocks that pushed crude prices to their highest level in seven weeks last Thursday. During the week, Brent crude futures rose by 3.17%, reaching $85.24 per barrel, while West Texas Intermediate crude prices increased by 3.16%, reaching $80.73 per barrel. In Friday's trading, Brent crude futures fell by 47 cents, or 0.6%, at settlement.