Oil prices fall, record weekly gains

Oil prices fell on Oct. 28, but recorded weekly gains. They are also heading  for monthly gains in October to reverse a four-month losing streak on economic slowdown worries.

Ed Moya, senior market analyst at OANDA Corp., said oil market was driven by weak dollar and forecasts for a strong economic recovery in China, but the focus is currently shifting towards recession risks that reduce expected crude demand during the remaining period of the year, Bloomberg reported.

The US drilling rig count fell two units to 610 in the week ended Oct. 28, General Electric Co.’s Baker Hughes energy services firm said in its closely followed report on Friday.

Meanwhile, the US drilling rig count rose 106 units to 1,669 in February 2022, compared with 1,563 a month earlier, data from Baker Hughes showed.

Brent crude futures for December delivery fell 1.22%, or $1.19, to $95.77 a barrel, recording weekly gains of nearly 2.4%. Meanwhile, US West Texas Intermediate (WTI) crude futures lost 1.3%, or $1.18, to $87.90, with weekly gains of 3.3%.