Oil settles lower, posts second straight weekly gain

Oil drilling rigs

Oil prices settled lower on Friday despite escalation of geopolitical turmoil in the Middle East. China also pumped the most liquidity into its financial system.

The US oil rigs increased by one to 502 in the week ended Oct. 20, after rising by four in the previous week, Baker Hughes energy services firm said in its closely followed report on Friday.

Elsewhere, Paris-based Allianz Trade said that crude oil prices could go as high as $140 per barrel and send the world into a recession.

Brent crude for December delivery eased 0.25% to $92.16 a barrel, after touching $93.79 a barrel, posting a weekly rise of 1.4%.

WTI contracts for December delivery slipped 0.35% to $88.08 a barrel. November WTI crude oil edged down 0.7% to $88.75 a barrel, while both futures contracts reported weekly gains of 2% and 1.2%, respectively.