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After volatile trading Oil reduces its weekly losses
Oil reduced its weekly losses during trading on the first of November, and ended the week higher amid reports that Iran is preparing to launch a strike on Israel from Iraqi territory in the coming days, in response to a strike carried out by Israel on Iran at the end of October.
US crude futures rose 23 cents, or 0.33%, to settle at $69.49 a barrel.
Brent crude futures gained 29 cents, or 0.4%, to settle at $73.10 a barrel.
US crude is recording weekly losses of about 3.2%, according to CNBC Arabia calculations, after rising 4% last week.
Brent crude ends the week with weekly losses of up to 3.8% after falling 6% on Monday following the strike launched by Israel on October 26 against Iran and avoiding oil and nuclear facilities.
Axios reported yesterday that Iran is preparing to attack Israel from Iraqi territory in the coming days, and there is a possibility that this will happen before the US elections, which will be held on November 5.
The Axios report added that the attack is expected to be carried out from Iraq using drones and ballistic missiles.
Oil prices are also receiving support from expectations that the OPEC+ group may postpone the planned increase in oil production in December for a month or more, against the backdrop of concerns about weak demand for oil and rising supplies.
