Brent ticks higher, records weekly gain of over 2%

05/01/2024 Argaam

Oil rises after US inventories data

Oil drilling rigs

Oil prices settled higher on Friday, boosted by the decline in US crude inventories by 5.5 million barrels during the week amid the current geopolitical tensions in the Middle East.
  

Brent crude for March delivery rose 1.5%, or $1.17, to settle at $78.76 a barrel, with a weekly gain of 2.25%.

  

WTI contracts for February delivery also increased 2.25%, or $1.62, to $73.81 a barrel, with a weekly gain of 3%.  

 

The international rig count decreased by 55 units in December to 1,739 from 1,794 in November, data from energy services firm Baker Hughes showed.

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