Oil rises, posts first weekly loss in 8 weeks

19/08/2023 Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices settled higher on Friday, recording their first loss in eight weeks amid mounting concerns about demand in China and the US monetary tightening.

 

Brent crude for October delivery gained 0.8%, or 68 cents, to $84.80 a barrel, posting a weekly loss of around 1.9%.

 

WTI contracts for September delivery rose 1.1%, or 86 cents, to $81.25 a barrel, but posted a weekly loss of almost 2.3%.

 

Both crude benchmarks ended their longest weekly rally in over a year.

Elsewhere, Baker Hughes data showed that the US oil rig count declined by five this week.

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