Oil prices stabilize, record weekly loss of nearly 12%

Oil drilling rigs

Oil prices kept flat on Friday, but recorded their steepest weekly loss since March 2023, following a ceasefire agreement between Iran and Israel that eased concerns.

Brent crude futures for August delivery settled at $67.77 per barrel, registering a 12% loss for the week.

Meanwhile, August WTI crude rose by 0.43%, or 28 cents, to $65.52 per barrel, but posted a weekly loss of around 11%.

“The market has almost entirely shrugged off the geopolitical risk premiums from almost a week ago as we return to a fundamentals-driven market,” said Rystad analyst Janiv Shah.

OPEC+ is set to consider extending its production increases at a meeting slated for July 6, Bloomberg reported, citing informed sources.