Oil achieves the largest weekly gain in two months

Baghdad-INA 

Oil prices continued to rise, to record $87.66 a barrel for Brent crude, achieving the largest weekly gain in nearly two months, following the easing of Corona restrictions by China and Washington's intention to temporarily stop crude sales from the strategic reserve.

West Texas Intermediate crude settled above $81 a barrel, after achieving gains for four consecutive days. 

The price comes ahead of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, scheduled for the weekend, and a deadline for the European Union to agree on a ceiling for Russian oil prices.

China announced that some of the injured were allowed to isolate themselves at home, while the Governor of the People's Bank of China stressed that "the central bank is focused on economic growth in the country.".

Oil prices rebounded this week after falling to their lowest level since 2021, amid improved expectations for energy demand due to Beijing's easing of coronavirus restrictions.

It is expected that the “OPEC +” alliance will hold a virtual meeting at the end of the week to decide on oil supplies, while expectations indicate that the members will maintain stable production.