Oil rises for second straight week, Brent above $83

17/02/2024 Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices rose on Friday despite the geopolitical tensions in the Middle East and decline in the US rig count. Accordingly, the oil extended its rise for the second straight week.

 

Brent crude for April delivery increased 0.75%, or $0.61, to $83.47 a barrel, with a weekly gain of 1.55%.

 

US West Texas Intermediate crude futures for March delivery were up 1.5%, or $1.16, to $79.19, adding more than 3% this week.

 

The US drilling rig count fell two units to 497 in the week ended Feb. 16, Baker Hughes energy services firm said in its closely followed report on Friday.

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