Oil closes higher, records weekly, monthly losses

Oil drilling rigs

Oil prices rose on Friday but declined over the week, marking their third consecutive monthly loss in October as investors assessed market outlooks.

Brent crude futures for December delivery, which expired today, edged up 0.11% (7 cents) to $65.07 per barrel, but posted a 1.32% weekly decline and a 2.90% loss for October.

WTI crude futures for December delivery rose 0.68% (41 cents) to $60.98 per barrel, yet recorded weekly and monthly losses of 0.85% and 2.23%, respectively.

Friday’s positive session came after reports suggested that the US was preparing to launch military strikes on Venezuela, an OPEC member state. However, President Donald Trump denied the claims just hours after they circulated.

Separately, the US Energy Information Administration (EIA) reported that US crude oil production hit a record 13.8 million barrels per day (bpd) in August, after revising its monthly average upward by 300,000 barrels from weekly estimates.

Meanwhile, markets are watching for the upcoming OPEC+ meeting scheduled for Sunday, amid speculation that the group of eight oil-producing countries may raise its production ceiling by 137,000 bpd starting in December.