Oil posts weekly gains on Russian plan to cut output
2023-02-11T07:47:58+00:00
Shafaq News/ Oil prices rose and posted weekly gains as Russia announced plans to reduce oil production next month after the West imposed price caps on the country's crude and fuel.
Basra's heavy crude to Asian customers closed at $74.16, posting a weekly gain of $1.92 or 2.66%.
Basra's light crude to Asian customers closed at $87.63, posting a weekly gain of $0.76 (2.12%).
Brent crude futures rose to $1.89, or 2.2%, to $86.39 a barrel. U.S. West Texas Intermediate crude futures (WTI) were up $1.66, or 2.1%, at $79.72.
Brent posted a weekly gain of 8.1%, while WTI gained 8.6%.
