Oil prices rise, set for fourth straight weekly loss

02/08/2024 Argaam

Oil prices rise, set for fourth straight weekly loss

Oil drilling rigs

Oil prices increased on Friday, but they are heading for their fourth straight weekly loss, impacted by weak industrial activities in the US, Europe, and Asia, especially China.

 

Brent crude futures for October delivery rose 0.65% to $80.04 a barrel, at 08:24 Makkah time.

 

Similarly, futures prices for US West Texas Intermediate (WTI) crude gained 0.66%, or $0.50, to $76.81 per barrel.

 

Both contracts fell 1.7% and 1.1% so far this week.

 

The US Manufacturing Purchasing Managers' Index (PMI) dropped to 46.8 points in July, the lowest reading since November, from 48.5 in June, data from the Institute for Supply Management showed.

 

Data also showed this week that China's factory activity contracted in July, raising oil demand concerns.

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