Oil settles lower, posts 5% weekly loss

Oil drilling rigs

Oil futures settled lower on Friday, Nov. 3, as data showed a slowdown in the world’s largest economy in Q4 2023. The US House of Representatives easily passed a bill to bolster sanctions on Iranian oil in a strong bipartisan vote.

Brent crude for January delivery settled 2.25% lower at $1.96 a barrel, recording a weekly loss of 4.85% to extend its downtrend for the second straight week.

WTI contracts for December delivery also dropped 2.35%, or $1.95 to $80.51 a barrel. WTI crude shed 5.9% during the week, extending its losses to two weeks.

China's Caixin PMI declined to 50 points in October from 50.9 points in September, falling to its lowest level since December 2022.