Baghdad Oil prices rose again, after hopes of increasing Chinese demand and the weakness of the US dollar overshadowed concerns about a global economic slowdown and the impact of high interest rates on fuel consumption.
Brent crude futures rose $1.12, or 1.2 %, to settle at $93.50 a barrel.
US West Texas Intermediate crude ended trading Friday, up 54 cents, or 0.6 %, to $85.05 a barrel. Both crudes fell earlier in the session by more than a dollar a barrel.
Brent crude rose 2 % by the end of the week, while West Texas Intermediate crude fell by 0.7 %.
Crude is gaining a boost from a looming European Union ban on Russian oil, as well as a two million barrel per day production cut by the OPEC+ cartel.
The swing of the US dollar, which usually moves inversely with oil prices, has led to oil price volatility.
The oil prices rose last Thursday after Bloomberg reported that Beijing was considering reducing the quarantine period for visitors from ten days to seven. There has been no official confirmation from Beijing yet.
Source: National Iraqi News Agency