Oil dips, snaps four-week winning streak

Oil drilling rigs

Oil prices settled lower on Friday, hurt by profit-takings, snappinga four-week winning streak.  

Brent crude for September delivery dropped 0.45%, or $0.37, to $85.03 per barrel, with weekly losses of 1.75%. 

US WTI crude oil futures for August delivery edged down 0.5%, or $0.41, to $82.21 per barrel, losing 1.15% this week. 

The US drilling rig count fell one unit to 478 in the week ended July 12, the lowest level since Dec. 17, 2021, when the rig count reached 475, Baker Hughes energy services firm said in its closely followed report on Friday.

Natasha Kaneva, JPMorgan’s head of global commodity strategy, said mixed economic signals from China are raising questions about demand growth in the world’s second-largest economy. JPMorgan sees a global oil demand gain of 1.4 million bpd this year.