Crude oil prices rose sharply on Friday, but the most active oil futures contract still suffered a third weekly loss as disruptions threat continued to fade.
Worries about the impact of higher borrowing costs on economic growth and uncertainty about the outlook for energy demand contributed to oil’s downside in recent sessions.
West Texas Intermediate Crude oil futures for December ended up $1.43 or about 1.9% at $77.17 a barrel. WTI crude futures shed more than 4% in the week.
Brent crude futures were up $1.52 or about 1.9% at $81.53 a barrel a little while ago.
Brent crude futures posted a weekly loss of 3.8%, recording a third weekly decline.
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.