Oil drilling rigs
Oil prices held steady on Friday, following an upward shift at the end of the previous session. This change came as concerns about a US economic recession eased after positive labor market data was released, with markets refocusing on geopolitical risks in the Middle East.
Brent crude oil futures for October delivery were steady at $79.19 a barrel at 08:36 am KSA time. Similarly, US West Texas Intermediate (WTI) crude futures for September delivery held steady at $76.26 a barrel. Both benchmarks are on track to post weekly gains of about 3%.
ANZ analyst Daniel Hynes told Reuters that crude oil continues to recover from the recent downturn—initially triggered by a global market sell-off earlier in the week—as attention shifts to escalating geopolitical tensions.
Contributing to the recent support for oil prices was the announcement by Libya’s National Oil Corporation (NOC) last Wednesday, Aug. 7, that it had reduced production at the Sharara oil field due to ongoing protests.
https://www.argaam.com/en/article/articledetail/id/1747001
