#GCC and #MiddleEast Finance News: Oil Set for Third Weekly Advance as Market Tightens on Outages

Friday 7 January 2022

PRICES
West Texas Intermediate for February delivery rose 1% to $80.25 a barrel on the New York Mercantile Exchange at 9:44 a.m. London time after climbing 2.1% on Thursday. Prices are up 6.7% this week. Brent for March settlement was 0.9% higher at $82.69 a barrel on the ICE Futures Europe exchange. Backwardation in Brent’s prompt timespread was at 76 cents, compared with 43 cents a week earlier.

PRICES

West Texas Intermediate for February delivery rose 1% to $80.25 a barrel on the New York Mercantile Exchange at 9:44 a.m. London time after climbing 2.1% on Thursday.
- Prices are up 6.7% this week.
Brent for March settlement was 0.9% higher at $82.69 a barrel on the ICE Futures Europe exchange.
Backwardation in Brent’s prompt timespread was at 76 cents, compared with 43 cents a week earlier.