Oil prices rise, record second weekly losses

20/04/2024 Argaam

Oil rises over 1% amid concerns of escalating conflict in Middle East

Oil drilling rigs

Oil prices rose on Friday but recorded their second weekly losses as markets turned to the repercussions of attack on Isfahan. This comes amid IMF expectations that OPEC+ would increase production as of July.

 

Brent crude futures rose 0.2%, or $0.18, to close at $87.29 a barrel, recording a weekly loss of 3.5%.

 

Similarly, futures prices for US West Texas Intermediate (WTI) crude settled 0.5% or $0.41 higher at $83.14 per barrel, with a weekly loss of 2.95%.

 

 The US drilling rig count rose five units to 511 in the week ended April 19, the highest level since Sept. 15, 2023, when it reached 515, Baker Hughes energy services firm said in its closely followed report on Friday.

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