Oil trims gain, records weekly loss of over 3%

Oil drilling rigs

Oil prices rose on Friday amid concerns over further geopolitical tensions in the Middle East. However, prices significantly trimmed gains amid the rise in the US dollar.

Brent crude futures for January delivery rose 0.40%, or $0.29, to settle at $73.10 a barrel.

New York Mercantile Exchange (NYMEX) futures for December delivery also increased 0.30%, or $0.23, to $69.49 per barrel.

Both contracts recorded weekly losses of 3.4% and 3.2%, respectively, despite posting monthly gains of 2% each.

The dollar index, which measures the US currency against a basket of major currencies, rose by 0.30% to 104.31 points at 10:43 pm Makkah time.

Media reports showed on Thursday that Tehran is preparing for a strike on Israel, potentially from outside the Iranian territory.

OPEC+ may also postpone its decision on gradually increasing output in December to ensure market stability.