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Oil Edges Higher But Headed For Another Weekly Loss

Oil prices rose on Friday but were set for another weekly loss on demand concerns and easing Middle East tensions.

Benchmark Brent crude futures rose 0.8 percent to $80.66 a barrel, while WTI crude futures were up 0.8 percent at $76.34.

Crude prices looked set to book a third consecutive week of declines as the threat of disruptions to supplies from the Middle East continued to fade.

Israeli Prime Minister Benjamin Netanyahu said on Thursday his country does not seek to conquer, occupy or govern Gaza after its war against Hamas but a civilian government would need to take shape in Gaza and Israel would make sure an attack like Oct. 7 does not happen again.

Meanwhile, Saudi Arabia’s minister of investment, Khalid al-Falih, reassured that the Gulf country has no plans to use oil production as leverage in the Gaza conflict.

Investors also remain wary of a global economic slowdown denting fuel demand following hawkish comments by Fed, ECB and BoE policymakers.

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