Brent closes higher, loses over 4% this week

Oil drilling rigs

Oil prices ended Friday up but posted a weekly loss amid uncertainty over the global economic outlook following the implementation of new U.S. tariffs and as markets awaited a potential meeting between the US and Russian presidents.

Brent crude futures for October delivery increased by 0.24%, or $0.16, to $66.59 a barrel, but declined 4.4% over the week.

US WTI crude futures for September delivery settled at $63.88 a barrel, recording a weekly loss of 5.12%.

The additional tariffs imposed by the US on other countries took effect on Aug. 8, heightening concerns about a global economic slowdown and weaker energy demand.

In addition, Moscow and Washington will hold a meeting between Russian President Vladimir Putin and US President Donald Trump to discuss issues including the war in Ukraine and bilateral trade relations.

This raised expectations that both sides could reach a diplomatic resolution to the war in Ukraine, paving the way for Western countries to ease sanctions on Russia and for its oil flows to return to global markets under normal conditions.