Oil rises but posts weekly loss of over 8%

Oil drilling rigs

Oil futures settled higher on Friday, as markets absorbed the decline in total active drilling rigs in the US for the third straight week.

The US oil rigs declined by five to 497 in the week ended Oct. 6, marking the lowest level since Jan. 28, 2022, Baker Hughes energy services firm said in its weekly report.

OPEC has raised its medium-and long-term oil demand outlook in a forthcoming report, three OPEC sources said, despite the transition toward renewable energy, highlighting the oil exporting group's more bullish view compared to other forecasters.

Brent crude for December delivery settled 0.6%, or 51 cents, higher at $84.58 a barrel, but recorded a weekly loss of 8.3%.

WTI contracts for November delivery also rose 0.6%, or 48 cents, to $82.79 a barrel. It posted a weekly drop of 8.8%.