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OILK - Weekly Energy Recap: Oil Sees Big Weekly Loss As Iran Struggles To Store Crude
ProShares K-1 Free Crude Oil Strategy ETF
The market remained under pressure from US stock-build for the third week in a row
RIYADH: Oil prices ended last week with the biggest weekly losses of the year. Brent fell below the $70 psychological barrier to $68.69 a barrel, while WTI dropped under $60 to $58.63.
The market remained under pressure from US stock-build for the third week in a row. But what mostly pushed prices lower was the low speculator activity, amid hesitation to add bets on almost flat price fluctuations.
The direction of oil prices has apparently ignored the tight physical market,