Oil settles lower, posts gains for fourth week

Oil prices fell on Friday as markets assessed efforts to achieve a ceasefire in Gaza, but recorded gains for the fourth straight week.

Brent crude for September delivery settled 0.9%, or 80 cents, down at $86.54 per barrel, posting a weekly gain of 1.8%.

Meanwhile, US WTI for August delivery fell 0.85%, or 72 cents, to $83.16 per barrel, but recorded a weekly gain of 2%.

The US drilling rig count remained unchanged at 479 in the week ended July 5, the lowest level since Dec. 17, 2021, when it reached 475, Baker Hughes energy services firm said in its closely followed report on Friday.

Meanwhile, the international rig count increased by 32 units month-on-month (MoM) in June, bringing the total count to 1,707, Baker Hughes added.