Oil declines, heads for weekly losses

Oil drilling rigs

Oil prices fell on Friday, heading for their first weekly loss in three weeks, amid growing supply expectations and a surprise increase in US crude inventories.

November Brent crude futures eased 0.2%, or 15 cents, to $66.84 a barrel at 08:02 am KSA time.

October WTI futures also declined 0.25%, or 17 cents, to $63.31 a barrel.

According to data from the US Energy Information Administration (EIA) on Sept. 4, crude inventories rose by 2.4 million barrels last week as refineries entered maintenance season, compared with expectations of a 2 million-barrel drop.

Markets are now awaiting the Baker Hughes report on US oil and gas rig count, due later today, for further insight into supply prospects.