Oil ticks higher, snaps four-week losing streak

Oil drilling rigs

Oil prices rose on Friday, snapping a four-week losing streak, with Brent crude futures increasing 0.65%, or $0.50, to $79.66 a barrel.

Similarly, futures prices for US West Texas Intermediate (WTI) crude added 0.85%, or $0.65, to $76.84 per barrel.

Both contracts gained 3.70% and 4.50%, respectively, this week.

The US drilling rig count increased three units to 485 in the week ended July 9, Baker Hughes energy services firm said in its closely followed report on Friday.

Citigroup commodity analysts said Brent crude prices may rise in the short term to $85 a barrel, but they anticipated that the average price of crude would reach around $60 per barrel in 2025.