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Samson: Oil Prices Drop, Recording The Largest Weekly Loss In 9 Months

21st August, 2021

Oil prices recorded the largest weekly loss in more than nine months, as they fell in their last session before closing, as Basra crude fell to more than 8.5% in a week.

Basra crude fell in its last session before closing Friday 95 cents, a change of 1.41%, to reach $66.23, to record a weekly loss of 8.56%.

Saudi Arabian crude also witnessed a decline in its last session, which amounted to 0.86% to reach $67.77, and Kuwaiti crude decreased by 4.33% to reach $67.47.

Specialists believe that the escalation of infection rate due to the delta strain of the Corona virus, many countries around the world have returned travel restrictions to stop the spread.

Brent crude fell 8% during the week, to record $65.18 a barrel, the lowest level since April.

And US West Texas Intermediate crude for September delivery was settled down $1.37, or 2.2%, to $62.32 a barrel, to lose more than 9% during the week.  LINK