Weekly Crude Oil Review: WTI crude oil near one-week low but adds around 3% for the week

WTI crude oil prices are seen pressured near a one-week low on Friday?s closing at $90.25 per barrel, down over 2.5%. Brent also fell over 2% at 92.78 amid lack of a breakthrough in negotiations between US and Iran. Oil has taken center stage since the US, Israel, Iran war began in March this year. The prolonged conflict and continued disruptions to energy flows through the Strait of Hormuz kept oil prices elevated, reinforcing concerns about inflation and the risk of higher interest rates. In the first week of June, the counter is however up around 3%. Meanwhile, the Friday slide in the commodity was largely driven by firmness in dollar index above 100 mark following a strong labour market data.

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