Oil settles higher, extends weekly gains to 3%

Oil drilling rigs

Oil prices edged higher on Friday, marking weekly gains supported by expectations of further Federal Reserve rate cuts, along with uncertainty over the end of the Russia–Ukraine war.

October Brent crude futures rose slightly by 0.10% (6 cents) to settle at $67.73 a barrel, recording a 2.85% weekly gain.

Meanwhile, October West Texas Intermediate (WTI) futures increased 0.22% (14 cents) to $63.66 a barrel, boosting their weekly gains to 2.71%.

Expectations for renewed Fed rate cuts in September strengthened after Chairman Jerome Powell suggested during the Jackson Hole symposium that current conditions may warrant such a move.

Oil prices also found support throughout the week amid fading hopes for a peace deal between Ukraine and Russia, following separate US talks with Moscow, Kyiv, and European nations that yielded no tangible results.