Daily Sabah logo

Politics
Diplomacy Legislation War On Terror EU Affairs Elections News Analysis
TÜRKİYE
Istanbul Education Investigations Minorities Expat Corner Diaspora
World
Mid-East Europe Americas Asia Pacific Africa Syrian Crisis Islamophobia
Business
Automotive Economy Energy Finance Tourism Tech Defense Transportation News Analysis
Lifestyle
Health Environment Travel Food Fashion Science Religion History Feature Expat Corner
Arts
Cinema Music Events Portrait Reviews Performing Arts
Sports
Football Basketball Motorsports Tennis
Opinion
Columns Op-Ed Reader's Corner Editorial
PHOTO GALLERY
JOBS ABOUT US RSS PRIVACY CONTACT US
© Turkuvaz Haberleşme ve Yayıncılık 2025

Daily Sabah - Latest & Breaking News from Turkey | Istanbul

  • Politics
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • Elections
    • News Analysis
  • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Expat Corner
    • Diaspora
  • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • Islamophobia
  • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
  • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
  • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Reviews
    • Performing Arts
  • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
  • Gallery
  • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
  • TV

Oil prices post largest weekly gain in 8 months

by Anadolu Agency

NEW YORK Mar 24, 2018 - 12:00 am GMT+3
No Image
by Anadolu Agency Mar 24, 2018 12:00 am

Crude oil prices posted their biggest weekly gain in eight months with rising geopolitical risk in the Middle East threatening security supply once again.

International benchmark Brent crude gained 6.6 percent this week, briefly reaching $70.58 per barrel on Friday.

American benchmark West Texas Intermediate (WTI) rose 5.7 percent this week, and climbed as high as $66 a barrel.

While both benchmarks reached Friday their highest level since Jan. 29, they also posted their best weekly gains since the last week of July 2017.

Oil prices gained momentum after investors saw increasing possibility that the U.S. could withdraw from the historic Iran nuclear deal, and heightened worries in tensions between Iran and Saudi Arabia could revive.

President Donald Trump signaled this week that he is still considering withdrawing the U.S. from the nuclear deal. This could bring back sanctions on the country and seriously limit Tehran's capability to export crude oil and oil products to the global market.

In addition, the U.S. has increased arms sales to Saudi Arabia, the regional rival of Iran. Rising tensions between the two heavyweights suggest that any supply disruption from the Middle East could threaten the global oil market.

Meanwhile, Saudi Arabia Energy Minister Khalid al-Falih said Thursday that OPEC and some non-OPEC countries, including Russia, should continue the agreement to limit their oil production in 2019, which officially expires at the end of this year.

  • shortlink copied
  • Last Update: Mar 24, 2018 2:51 am
    KEYWORDS
    business
    The Daily Sabah Newsletter
    Keep up to date with what’s happening in Turkey, it’s region and the world.
    You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
    No Image
    With friends like these who needs enemies? Ukraine tears down monument
    PHOTOGALLERY
    • POLITICS
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • News Analysis
    • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Diaspora
    • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • İslamophobia
    • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
    • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
    • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Performing Arts
    • Reviews
    • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
    • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
    • Photo gallery
    • DS TV
    • Jobs
    • privacy
    • about us
    • contact us
    • RSS
    © Turkuvaz Haberleşme ve Yayıncılık 2021