Oil Prices Rebound Amid West Asia Ceasefire, But Post Sharp Weekly Losses

Global crude oil prices edged higher on Friday following the implementation of a ceasefire in West Asia, although both major oil benchmarks ended the week with significant losses amid easing concerns over potential supply disruptions in the region.

Brent crude futures for August delivery rose during the latest trading session but still recorded a weekly decline of more than 7.7 per cent, settling at 80.57 US dollars per barrel. Meanwhile, West Texas Intermediate (WTI) crude futures for July delivery fell over 8.6 per cent during the week…