Oil prices fall, set for deepest weekly loss in 4 months

Oil drilling rigs

Oil prices declined on Friday as markets assessed slowing refinery activity due to maintenance and the expected seasonal drop in demand in the coming months.

Brent crude (December delivery) fell 0.6% or 40 cents to $64.51 per barrel as of 8:02 a.m. Makkah time.

WTI crude (November delivery) slipped 0.65% or 38 cents to $60.86 per barrel.

Brent could end at its lowest level since the week ending May 30 if losses persist, while WTI may end at levels last seen on May 2, according to Reuters.

On a weekly basis, Brent dropped 8.3%, and WTI slid 7.6%, with both benchmarks heading for their steepest losses since late June amid continued pressure on global oil markets.