Oil Prices Rebound After Downbeat Week| MENAFN.COM

Saturday, 25 March 2023 11:08 GMT

Oil Prices Rebound After Downbeat Week

(MENAFN- Trend News Agency)

Oil prices rose on Monday, recouping some of the losses they had suffered in the prior week, trend reports citing xinhua .

The West Texas Intermediate (WTI) for March delivery gained 72 cents, or 0.98 percent, to settle at 74.11 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for April delivery added 1.05 dollars, or 1.31 percent, to settle at 80.99 dollars a barrel on the London ICE Futures Exchange.

The rally came after a devastating earthquake that struck Türkiye and Syria early Monday halted operations at Türkiye's major oil export hub in Ceyhan. The Ceyhan terminal exported over 1 million barrels a day in January, according to crude oil and refined oil product flows data provider Vortexa.

Also lending buoyancy to oil were expectations of rising demand from China.


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