Oil settles 4% up, posts loss for fourth straight week

Oil drilling rigs

Oil prices settled higher on Friday as the US drilling rig count rose six units to 500 in the week ended Nov. 17, according to Baker Hughes. Russia also lifted a temporary ban on gasoline exports.

Brent crude for January delivery jumped 4.1%, or $3.19, to $80.61 a barrel, but shed 1% during the week extending its losses for the fourth consecutive week.

WTI contracts for January delivery also gained 4%, or $2.95, to $76.04 a barrel. December’s contracts climbed 4.1% to $75.89 a barrel, but recorded a weekly drop of 1.65%. It extended its downtrend for the fourth straight week.

Russia lifted a ban on gasoline exports on Nov. 17 after the temporary measure achieved its goal of boosting local supplies and stabilizing prices in the local market.

On the other hand, OPEC+ is set to consider whether to make additional oil supply cuts when the group meets on Nov. 26.