Economic news

Crude changes direction after increases of last three days

Prices of oil slightly fell today following three days of rises, though they’ve been propped up by Saudi Arabia’s break in oil shipment through a Red Sea lane, along with decreasing U.S. inventories and subsiding trade tussle of the U.S. and the EU.

Photo: Reuters

Brent futures slid 5 cents to $74.49 per barrel, adding to yesterday’s gain of 0.8%. It is about to register a 2% growth in the week, which may become the first out of last four.

U.S. WTI futures went down 5 cents as well to $69.56, whereas the previous trading day ended with a 0.5% hike. The result of this week is close to a fall of 1.3%, extending slumping period to four weeks.

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