Oil prices rise, head for weekly loss today

Oil prices rose today, Aug. 5, bouncing off a six-month low on Thursday. However, oil is set for a 9% weekly loss amid concerns that a global economic slowdown is destroying demand.

Oil declined this week as supply from Libya has picked up after disruptions, which may help OPEC exports to remain steady at more than one million barrels per day.

On the other hand, the Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) on Aug. 4 announced a slight production boost in September despite calls for speedier increases to rein in high crude prices.

Brent crude futures for October delivery traded 0.37%, or 35 cents higher at $94.47 a barrel at 9:16 am Makkah time, but shed 8.77% during the week.

West Texas Intermediate (WTI) futures for September delivery traded 0.61%, or 54 cents, higher at $89.08 a barrel, heading for a weekly loss of 9%.