Oil rises, records weekly losses of over 2%

25/05/2024 ِArgaam

Oil steady, Brent crude bound for weekly drop

Oil drilling rigs

Oil prices settled higher on Friday, trimming their losses this week amid anticipation of OPEC+ meeting on June 2.

 

Brent crude for July delivery increased 0.95%, or $0.76, to settle at $82.12 a barrel.

 

Similarly, the most actively traded US West Texas Intermediate (WTI) crude futures for July delivery rose 1.1%, or $0.85, to $77.72. Both contracts fell 2.2% and 2.35%, respectively.

 

US oil rig count kept unchanged at 497 in the week ended May 24, Baker Hughes said in its weekly report.

 

Oil markets faced pressures this week, including concerns that the Fed would keep interest rates higher for a longer-than-expected period, which weighs on demand.

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