Baghdad International oil prices rose, today, Friday, from their lowest levels in three months, but they are still on track for a weekly loss of more than 5% due to the new closures in countries facing rises in the delta variable of the Corona virus, which led to the weakening Forecast of fuel demand.
Broad risk aversion among investors also weighed on oil, with the US dollar jumping to a nine-month high amid indications that the Federal Reserve is considering cutting stimulus this year.
US West Texas Intermediate crude futures for September, due to expire on Friday, rose 40 cents, or 0.6%, to $64.09 a barrel, after falling 2.7% on Thursday.
Brent crude futures rose 32 cents, or 0.5%, to $66.77 a barrel, after falling 2.6% on Thursday to their lowest close since May.
It is also expected that the approaching end of the peak gasoline demand season in the United States and the end of the summer holidays in Europe and the United States will drain oil demand.
Source: National Iraqi News Agency