Oil edges higher, records second straight weekly loss

Oil drilling rigs

Oil prices rose on Aug. 25, recording their second straight weekly loss, pressured by the US dollar rise and supplies-related concerns.

Brent crude for October delivery rose 1.3%, or $1.12, to settle at $84.48 a barrel, with a weekly loss of 0.40%.

WTI for September delivery rose 1%, or 78 cents, to close at $79.83 a barrel, recording a weekly loss of 1.7%.

The US drilling rig count declined for the second straight week, down eight units to 512 in the week ended Aug. 25, General Electric Co.’s Baker Hughes energy services firm said in its closely followed report on Friday.

Federal Reserve Chair Jerome Powell called for more vigilance in the fight against inflation, warning that additional interest rate increases could be yet to come.