Oil prices settle lower, maintain third weekly loss

Oil drilling rigs

Oil prices fell on Friday, maintaining a third straight weekly loss on expectations of a Gaza cease-fire deal that would ease global supply concerns. 

Brent crude futures fell 1.5%, or $1.24, to $81.13 a barrel, with a weekly loss of 1.8%.

Similarly, futures prices for US West Texas Intermediate (WTI) crude dropped 1.45%, or $1.12, to $77.16 per barrel, recording a loss of nearly 1.9% this week.

Sandeep Rao, Chief Researcher at Leverage Shares, said the current weakness in China's manufacturing and production is similar to the period preceding the Chinese market collapse in 2015 and 2016, with challenges in increasing tax revenues and shrinking consumer spending.

The US drilling rig count increased five units to 482 in the week ended July 26, Baker Hughes energy services firm said in its closely followed report on Friday.