Oil prices surge more than 3%, Marking strong weekly gains
Oil prices surge more than 3%, Marking strong weekly gains
May 16, 2026 / 9:18 AM
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Sharjah24 - WAM: Oil prices recorded strong gains on Friday, with both benchmark crude contracts rising by more than 3% and posting significant weekly increases.
Brent crude futures climbed by $3.54, or 3.35%, to settle at $109.26 per barrel. Meanwhile, US West Texas Intermediate (WTI) crude futures advanced by $4.25, or 4.2%, ending the session at $105.42 per barrel.
On a weekly basis, Brent crude posted gains of 7.84%, while WTI surged by 10.48%.
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