Oil prices drop over 2%, record weekly losses

21/02/2025 Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices deepened their losses on Friday, marking a weekly decline, as markets anticipated that efforts by US President Donald Trump would boost global oil supply.

 

Brent crude futures for April delivery dropped 2.68%, or $2.05, to $74.43 per barrel.

 

The US West Texas Intermediate (WTI) crude futures for April delivery also fell 2.87%, or $2.08, to $70.4 per barrel. Both contracts recorded weekly losses of 0.4% and 0.5%, respectively.

 

The US drilling rig count continued to rise for the fourth straight week, increasing seven units to 488 in the week ended Feb. 22, according to recent data from Baker Hughes energy services firm.

 

JPMorgan expected global oil demand to rise next week, driven by increased US consumption due to cold weather and higher Chinese demand as economic activity accelerates following the holiday season.

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