Oil prices rise, notching weekly gains
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E-mail Xinhua, October 23, 2021
NEW YORK, Oct. 22 (Xinhua) -- Oil prices climbed on Friday, posting gains for the week, as tight supplies persist on the market.
The West Texas Intermediate for December delivery added 1.26 U.S. dollars, or 1.5 percent, to settle at 83.76 dollars a barrel on the New York Mercantile Exchange. Brent crude for December delivery increased 92 cents, or 1.1 percent, to close at 85.53 dollars a barrel on the London ICE Futures Exchange.
For the week, the U.S. crude benchmark rose 2.5 percent, while Brent gained 0.8 percent, based on the front-month contracts.
"The fact that the supply situation is still tight argues against any further price slide on the oil market. We expect that Brent will cost 85 U.S. dollars per barrel by year's end," Carsten Fritsch, energy analyst at Commerzbank Research, said Friday in a note.
The Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency in their respective monthly reports last week saw oil market as being significantly under-supplied in short term. Enditem
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