Oil drops, Brent records 23% interim gain

Oil drilling rigs

Oil prices declined on Friday as investors continued to take profit and markets evaluated the expected monetary policy after inflation slowdown in the US during August.

The risks of a government shutdown increased in the US, after the Senate failed on Friday to pass a temporary bill to extend government funding beyond Saturday.

Concerns about the Chinese economy were also renewed, as shares of Evergrande, the world's most heavily indebted real estate developer, were suspended from trading.

The US drilling rig count dropped five units to 502 in the week ended Sept. 29, General Electric Co.’s Baker Hughes energy services firm said in its closely followed report on Friday.

Brent December futures slipped 0.95%, $0.90, to close at $92.20 a barrel, but recorded weekly, monthly, and interim gains of 0.25%, 6.9%, and 23.1%, respectively. They added 12.9% year-to-date (YTD).

West Texas Intermediate crude (WTI) for November delivery fell 1%, or $0.92, to $90.79 a barrel, with weekly, monthly, and interim gains of 0.85%, 9.45% and 28.65%. It leapt 16.7% YTD.