Oil prices steady, set for weekly loss

23/08/2024 Argaam

Oil prices steady, set for weekly loss

Oil drilling rigs

Oil prices stabilized on Friday, but are on track to register a weekly loss as concerns about weak demand resurfaced due to the risk of a US economic slowdown.

 

The futures prices for Brent crude, the global benchmark, for October delivery remained steady at $77.27 a barrel as of 08:17 am KSA time.

 

Similarly, US West Texas Intermediate (WTI) crude futures for October delivery stabilized at $73.05 a barrel. Both contracts have declined by about 3% and 5%, respectively, this week.

 

The "black gold" managed to achieve daily gains for the first time in five sessions at the close of Thursday's trading, thanks to expectations that the Federal Reserve may soon cut interest rates, easing fears of the world's largest economy slipping into recession.

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