Oil prices fall on renewed concerns, record 2% weekly gains

Oil prices fell on Friday, hut by US debt ceiling crisis which renewed recession concerns.

Energy demand fears increased after White House spokesperson Karine Jean-Pierre said, "There continues to be real ... differences between the parties on these issues."

The US drilling rig count fell 11 units to 575 in the week ended May 19, General Electric Co.’s Baker Hughes energy services firm said in its closely followed report on Friday.

Minister of Energy Prince Abdulaziz bin Salman Al-Saud said coordination with OPEC+ members, including the Arab countries, is a cornerstone of the Kingdom’s efforts to enhance the stability of global oil markets.

Brent crude contracts for July delivery ended 0.4%, or $0.28 lower at $75.58 a barrel, with nearly a 1.9% rise this week.

West Texas Intermediate (WTI) crude for June delivery closed 0.4% or $0.31 higher at $71.55 a barrel, recording weekly gains of nearly 2.2%.