Oil prices on track for double-digit weekly gains

Brent crude is heading for a weekly rise of around 13.5%, after crossing $100 a barrel for the first time since May.

Staff Writer

Article summary

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Brent crude is heading for a weekly gain of around 13.5% after crossing $100 a barrel for the first time since May. WTI is also on track for a 10.9% weekly rise, despite both contracts slipping in early trading.

Key points

  • Brent crude futures fell to $99.97, down 0.72% on the day
  • Weekly gains remain near 13.5% for Brent, 10.9% for WTI
  • Brent crossed $100 a barrel for the first time since May

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Oil prices slipped in early trading but remained on course for their strongest weekly performance in months, with Brent crude futures down 72 cents, or 0.72%, to $99.97 a barrel, and West Texas Intermediate futures falling 70 cents, or 0.76%, to $91.49 a barrel.

Despite the early-session pullback, Brent is still headed for a weekly gain of around 13.5%, while WTI is tracking a rise of 10.9% over the same period.

The moves follow a sharp rally in the previous session, when Brent settled 7% higher and WTI gained 6.2%. Brent also crossed $100 a barrel during that session, its first time above that threshold since May.