Arab Today, arab today oil ends 4 straight session losing streak
Last Updated : GMT 12:03:13
Arab Today, arab today
Arab Today, arab today

Oil ends 4 straight session losing streak

Arab Today, arab today

Arab Today, arab today Oil ends 4 straight session losing streak

New York - XINHUA

US crude oil price ended its four straight session losing streak on Friday with a moderate gain, still posting big weekly loss. There was a report saying that the European officials were talking about a bailout plan for Spain. According to the anonymous official involved in the discussion, the plan will focus on structural measures instead of new taxes or spending cuts. The report fueled optimism for an improved situation in Europe. Given the European Central Bank's unlimited asset purchase program, hopes for a better economic outlook in Europe rose. Besides, after the Bank of Japan followed the Federal Reserve and the ECB's step and adopted monetary easing policy to boost the country's economy, investors were expecting a wave of easy money across the world. More liquidity normally meant more capital flow into the crude market. In London, supplies concerns were the main driving force for the Brent crude price gains. The maintenance at the 200,000 barrel-per-day Buzzard field resulted in export delays of North Sea Forties oil, the most important one of the four grades that form the Brent crude basket. The field was shut on Sept. 5 for 28 days of work, but now the maintenance was expected to be extended by three to five days. Furthermore, the tension in the Middle East kept posing risks to oil production in the region. Light, sweet crude for November delivery added 47 cents, or 0. 51 percent, to settle at 92.89 dollars a barrel on the New York Mercantile Exchange. But for the week, it still fell 6.11 dollars, or 6.17 percent. In London, Brent crude for November delivery rose 1.39 dollars, or 1.26 percent, to close at 111.42 dollars a barrel. For this week, it dropped 5.24 dollars, or 4.49 percent.  

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