Oil Prices Surge to 9-Week High on Supply Concerns - News18
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Last Updated: July 08, 2023, 01:27 IST New York, United States of America (USA) Oil analytics firm Vortexa said there are currently 10.5 million barrels of Saudi crude in floating storage off the Egyptian Red Sea port of Ain Sukhna, down by almost half from mid-June. (Photo: Reuters) Oil prices surge to a nine-week high as supply concerns and technical buying outweigh fears of interest rate hikes, driving demand for oil Oil prices climbed about 3% to a nine-week high on Friday as supply concerns and technical buying outweighed fears that further interest rate hikes could slow economic growth and reduce demand for oil. Brent futures rose $1.95, or 2.6%, to settle at $78.47 a barrel, while U.S. West Texas Intermediate crude (WTI) rose $2.06, or 2.9%, to settle at $73.86. That was the highest close for Brent since May 1 and WTI since May 24. Both benchmarks ended up about 5% for the week. “We’re knocking on the door of a major breakout to the upside. I think you’re seeing so