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Oil Prices Rise 2% for the Week Amid Iraq's Support for OPEC Cuts and Short Position Coverage

Mon 13 Nov 2023, 11:11:47

Oil prices gained around two per cent for the week ended on Saturday as Iraq voiced support for OPEC's oil cuts ahead of a meeting in two weeks and as some speculators covered massive short positions ahead of weekend uncertainty.

Still, prices

settled with weekly losses of 4 per cent, their third straight weekly decline.

Brent ended this week at 81 dollars and 43 cents per barrel, while the US crude closed at 77 dollars 17 cents a barrel.

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