Oil prices remain below $100 per barrel. This Friday, Crude rose about 1% before falling slightly. Also, crude heads for weekly loss due to growing concerns about a global economic slowdown in the face of rising inflation rates.
The momentary rise in prices this Friday was supported by the drastic drop in US crude oil inventoriesas the nation exported a record 5 million barrels of oil per day in the most recent week as European countries look to replace Russian crude.
Prices of a barrel of Brent and Texas oil today, August 19: how much does it cost and how much is it quoted?
At 12:30 pm ET on Friday, US West Texas Intermediate (WTI) crude oil was up $0.91, or 1.01%, trading at $91.41. On the other hand, Brent futures traded at $97.25 a barrel, up 0.68% or $0.660, according to OilPrice.com.
However, according to the real-time update at 2:04 pm ET, the WTI fell 0.03%, trading at $90.47; while Brent is trading at $96.20, with a drop of 0.40%.
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Despite the rise this Friday, both benchmark contracts, WTI and Brent, are headed for weekly losses of around 1.5 percent. On the other hand, the price gap between spot and second-month Brent futures has narrowed by about $5 a barrel since late July to less than $1, according to Reuters.
In the meantime, crude oil prices are expected to rise sharply again later this yearas supply will shrink as European buyers start looking for alternative supplies to replace Russian oil.