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Oil Prices: Decline and Head Towards the Biggest Weekly Loss Since April

May 29, 2026اقتصاد البلدiqtissadalbalad.dzTranslated from Arabic
اقتصاد البلد

Oil prices fell today and are heading towards the biggest weekly loss since early April 2026, following reports of an agreement between Washington and Tehran to extend the ceasefire, although the agreement has not yet been ratified. Futures contracts for West Texas Intermediate crude for July fell by 1.19% to $87.84 per barrel. Meanwhile, futures contracts for Brent crude for the same month dropped by 0.96% to $92.81 per barrel. Brent crude has declined by 10.5% this week, marking the largest drop since the week ending April 6, 2026, while West Texas Intermediate crude suffered a weekly loss of 9.2%, the largest since the week ending April 13, 2026.

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