Oil settles lower on Friday, records 4% weekly gain

Oil drilling rigs

Oil prices declined on Friday, but recorded a weekly gain of nearly 4%, supported by a decrease in US inventories since January and demand growth forecasts by the International Energy Agency amid geopolitical tensions.

Brent crude futures for May delivery ended 0.1% or 8 cents lower to $85.34 a barrel, but rose 3.95% this week.

Additionally, WTI crude futures for April delivery dropped by 0.25%, or 22 cents, to $81.04 a barrel, with a weekly gain of 3.9%.

Business activity continued to decline in New York State, according to firms responding to the March 2024 Empire State Manufacturing Survey. The headline general business conditions index fell 19 points to -20.9. The index is still within the range that indicates contraction for the third straight month.

Russia has lost up to 370,000 barrels per day of its refining capacity since the start of 2024 on Ukraine's drone attacks on Russian refineries, Reuters reported.