Brent crude ticks higher, records over 4% weekly losses

Oil drilling rigs

Crude oil futures rose on Friday but recorded losses for the third straight week, amid growing concerns about global demand and decline in risk premiums arising from geopolitical tensions in the Middle East.

Brent crude for January delivery rose 1.75%, or $1.42, to settle at $81.43 a barrel, but recorded a weekly loss of 4.1%.

WTI contracts for December delivery also increased 1.9%, or $1.43, to $77.17 a barrel, with a weekly loss of 4.15%.

The US drilling rig count fell two units to 494, the lowest level since January 2022, in the week ended Nov. 10, General Electric Co.’s Baker Hughes energy services firm said in its closely followed report on Friday.

Moody’s Investors Service expects global economic growth to slow in 2024, with the impact of high interest rates spread to credit channels to the real economy. This will, accordingly, reduce inflationary pressures amid slowing demand as central banks maintain a tight policy.