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Oil prices are at their lowest in 3 weeks

The oil prices declined to a three-week low on Friday in a choppy session after US jobs data stoked concerns about rising interest rates. As investors sought more clarity on the looming European Union ban on Russian refined products.

Brent crude futures fell by $2.23, or 2.7%, to $79.94 a barrel, after a rise to $84.20. The lowest level during the session was $79.72, which is since January 11.

US West Texas Intermediate crude closed down $2.49, or 3.3%, to $73.39, after moving between $78 and $73.13, the lowest level since January 5. Brent crude fell 7.8% this week, while WTI fell 7.9%.

Job growth in the United States accelerated significantly in January amid continued labour market strength. Still, it is assumed that the decline in the pace of wage increases again (the Federal Reserve) (the US central bank) will give breathing space in its battle to curb inflation.

“The market can’t decide whether it should be worried about a recession or more concerned about the Federal Reserve being aggressive on interest rates,” said Phil Flynn, an analyst at Price Futures Group.




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Arab Iron and Steel Union

لوريم ايبسوم هو نموذج افتراضي يوضع في التصاميم لتعرض على العميل ليتصور طريقه وضع النصوص بالتصاميم سواء كانت تصاميم مطبوعه لوريم ايبسوم ليتصور طريقه لوريم ايبسوم.

About AISU

Arab Iron and Steel Union was established in Algeria in 1972 as the first Arab Union of the Arab countries to be founded under the Council of Economic Unity umbrella in the League of Arab States.

It is the first Arab organization to specialize in the iron and steel field, and its tasks fall within making plans aimed mainly at developing and growing the iron and steel industry in the Arab world.

Arab Iron and Steel Union comprises a wide range of multi-activity companies related to the iron and steel industry from the Arab countries.


92 Members

28 Board of Directors

17 Country

300.000 Employees

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General Secretariat
Tel +21323304221 Fax +21323304254
Mail: relex@solbarab.org

Cairo Regional Office
Tel +20233356219 Fax +20233374790
Mail: aisucairo@solbarab.org