Oil deepens losses, drops over 2% in a week

23/02/2024 Argaam
Oil drilling rigs

Oil drilling rigs

Oil deepened its losses on Friday, snapping two-week gains as markets are watching Gaza ceasefire talks in Paris.

 

Brent crude for April delivery fell 2.45% to $81.62 a barrel, losing 2.2% in a week.

 

WTI contracts for April delivery shed 2.7% to $76.49 a barrel, dropping nearly 2.5%.

 

The US drilling rig count increased by six week-on-week to 503 in the week ended Feb. 23, Baker Hughes energy services firm said in its closely followed report on Friday.

 

The US drillers rose to their highest level in three months, compared to 505 in the first week of December 2023.

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