Oil prices end higher, but post weekly loss-Xinhua

Oil prices end higher, but post weekly loss

Source: Xinhua| 2022-09-17 04:20:30|Editor:

NEW YORK, Sept. 16 (Xinhua) -- Oil prices eked out modest gains on Friday, but demand worries kept prices lower for the week.

The West Texas Intermediate (WTI) for October delivery increased 1 cent, or 0.01 percent, to settle at 85.11 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for November delivery added 51 cents, or 0.6 percent, to settle at 91.35 dollars a barrel on the London ICE Futures Exchange.

Traders assessed how high the Federal Reserve will raise rates when it meets next week.

Oil participants have been worried that aggressive policy tightening by major central banks to fight inflation would slow the economy, hurting energy demand.

For the week, the WTI fell 1.9 percent, while Brent declined 1.6 percent, based on the front-month contracts. It marked a third weekly loss in a row for both crude benchmarks.