Oil rises, records third weekly gain

Oil drilling rigs

Oil rose on Friday, recording the third straight weekly gain, driven by increased forecasts for better global oil demand.

Consumer spending improved in August, as retail sales rose 4.6% year-on-year (YoY) in August, compared to estimates of a 3% rise. This coincided with injecting more liquidity by the country's central bank to support the recovery of the world's second-largest economy.

Saudi Aramco agreed to purchase a 100% equity stake in Esmax Distribusción SpA (Esmax) from Southern Cross Group, a Latin America-focused private equity company.

Aramco’s planned acquisition of Esmax would be its first Downstream retail investment in South America, recognizing the potential and attractiveness of these markets while advancing Aramco’s strategy of strengthening its downstream value chain.

The US drilling rig count rose two units to 515 in the week ended Sept. 15, General Electric Co.’s Baker Hughes energy services firm said in its closely followed report on Friday.

Brent crude for November delivery closed 0.25% higher at $93.93 a barrel, with a weekly gain of 3.6%.

US West Texas Intermediate (WTI) crude futures added 0.7%, or 61 cents, to $90.77 a barrel, gaining 3.75% this week.