Oil prices down after three-week surge

"If you take the week, we’ve certainly seen prices lift on some demand hopes, but it was mixed," says Commonwealth Bank analyst.

Photo: Jacob Ehrbahn

Oil prices decline Friday morning CET after seeing a rise during the week. Prices are up for the third consecutive week on expectations of increased oil demand in Europe, China and the US, where a rising number in vaccinations prompts a loosening of pandemic-related restrictions.

A barrel of European reference oil Brent costs USD 72.15 against USD 72.39 Thursday afternoon, with US West Texas Intermediate concurrently trading at USD 69.92 against USD 70.11.

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