Oil rises, records weekly gains of over 4.5%

Oil drilling rigs

Oil prices edged higher today, July 28, recording the fifth weekly gain, driven by optimism about ending the monetary tightening cycle by the Federal Reserve and assessment of offer and supply prospects in the crude oil market.

The US core PCE price index fell to 0.2% month-on-month in June, in line with expectations, as growth in annual compensation costs for US employees slowed, rising by a seasonally adjusted- percentage of 1% in the second quarter of this year.

The US drilling rig count decreased by one unit to 529 in the week ended July 28, General Electric Co.’s Baker Hughes energy services firm said in its closely followed report on Friday.

Brent crude for September delivery rose 0.9%, or 75 cents, to close at $84.99 a barrel, with a weekly rise of nearly 4.85%.

US WTI crude for September delivery inched up 0.6%, or 49 cents, to $80.58 a barrel, with a weekly gain of 4.55%.