Oil Prices Rising After 2 Straight Weekly Declines

US crude prices climb 0.7% to $73.90 a barrel after prices fell by nearly 10% over the past two weeks and closed Friday at the lowest since Jan. 4. “Spot oil prices fell [last week] to near critical support levels,” says Peter Cardillo at Spartan Capital in a research note. “However, the massive earthquake in Turkey and Syria is being eyed by traders helping to stabilize prices this morning.” For the rest of this week, the market will await the EIA’s monthly Short Term Energy Outlook due tomorrow to see the latest projections on oil production and demand. Also tomorrow, Fed Chair Powell is scheduled to speak at an economic event in Washington.