Oil Prices Rise 2% for the Week Amid Iraq’s Support for OPEC Cuts and Short Position Coverage

Oil prices gained around two per cent for the week ended on Saturday as Iraq voiced support for OPEC’s oil cuts ahead of a meeting in two weeks and as some speculators covered massive short positions ahead of weekend uncertainty. Still, prices settled with weekly losses of 4 per cent, their third straight weekly decline. Brent ended this week at 81 dollars and 43 cents per barrel, while the US crude closed at 77 dollars 17 cents a barrel.