Oil settles lower, ends weekly losses

Oil drilling rigs

Oil prices closed lower on Fridayas markets assessed the largest weekly increase in the count of oil and natural gas rigs in the US since the week ending Sept. 15, 2023.

Brent crude futures for November delivery settled 0.5% or 36 cents, lower at $71.61 a barrel, although it ended a three-week losing streak after rising 0.75% earlier in the week.

Meanwhile, US WTI crude futures for October delivery eased 0.45%, or 32 cents, to $68.65 per barrel, but it also ended a four-week losing streak, having risen 1.45% earlier this week.

Data from Baker Hughes showed an increase in the number of oil rigs by five to 488, while natural gas rigs rose by three to 97.