Oil drilling rigs
Oil prices fell on Friday but are on track to post weekly gains after the US Federal Reserve’s interest rate cuts boosted the outlook for global economic activity and, consequently, demand for crude oil.
Futures for benchmark Brent crude for November delivery dropped 0.29% to $74.66 a barrel at 08:16 am KSA time.
Meanwhile, US West Texas Intermediate (WTI) crude futures for October delivery declined 0.21% to $71.80 a barrel.
Brent crude is up about 4% for the week, while WTI is heading for gains of nearly 4.8%.
The sustained demand for oil in the U.S. has been a contributing factor in supporting prices recently. The US Energy Information Administration (EIA) reported on Wednesday that US commercial oil inventories fell last week, hitting their lowest level in a year.
https://www.argaam.com/en/article/articledetail/id/1755861
