Globally, oil prices are heading towards recording losses for the second week in a row

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Globally, oil prices are heading towards recording losses for the second week in a row

Oil prices remained relatively stable on Friday, with little change from the previous day. However, they are on track for a second consecutive week of losses due to the US Central Bank’s indication of possible interest rate increases in the future and reduced concerns about Middle East conflicts leading to supply disruptions.

Brent crude futures increased to $86.91 per barrel, while US West Texas Intermediate crude futures rose to $82.58 per barrel.

The price of both benchmark crude oil rose by more than $2 per barrel on Thursday, with Brent set to experience a decline of around 4% this week, while West Texas Intermediate crude is expected to close down by 3.5%.