Oil Prices gain more than 12%


Shafaq News/ Global oil prices closed at more than 12% of weekly gains today, Saturday.

Brent crude closed in its last session yesterday, Friday, with a rise of 1.62 dollars, to reach 120.65 dollars, and achieved a weekly profit of 12.72 dollars or 11.79%.

US West Texas Intermediate crude also closed up by 1.56 dollars to reach 113.90 dollars per barrel, but it also recorded a weekly profit of 9.02 dollars or 8.79%.

During the past week, oil prices rose after news of the European Union agreement to dispense with Russian oil and gas and the scarcity of supply due to the inability of some OPEC countries to reach the necessary production.

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