Brent settles lower on Friday, ends 4-month winning streak

Oil drilling rigs

Oil futures prices ended Friday lower, as markets assessed demand prospects amidst rising fuel inventories in the US last week and weak manufacturing sectors in China and Japan.

Brent crude for August delivery, the most active contract, fell by 0.95%, or 77 cents, to $81.11 a barrel, recording weekly and monthly losses of 0.9% and 5.25%, respectively, ending its series of monthly gains since early 2024.

Meanwhile, WTI crude for July delivery dropped by 1.2%, or 92 cents, to $76.99 a barrel, with the contract posting weekly and monthly losses of 0.95% and 5.3%, respectively.

China's industrial activity contracted in May, missing expectations, as the manufacturing PMI fell to 49.5 points from 50.4 points in April, against forecasts of a rise to 50.5 points.

Moreover, Japan's industrial production eased 0.1% on a seasonally adjusted monthly basis in April, contrary to expectations of a 1.5% increase for the month, following a 4.4% rise in March.