Oil settles higher, posts weekly loss

Oil drilling rigs

Oil prices closed higher on Friday but recorded their second consecutive weekly decline, weighed down by concerns over global oversupply and softening demand in the US.

Brent crude for January delivery rose 0.39% (25 cents) to $63.63 a barrel but was down 2.21% for the week. US WTI crude for December delivery gained 0.54% (32 cents) to $59.75 a barrel, trimming its weekly loss to 2%.

The so-called “black gold” came under pressure this week amid fears of a supply glut, as several oil-producing nations continued to ramp up output.

Data from the US Energy Information Administration showed that crude inventories increased by 5.2 million barrels last week, signaling weaker energy demand in the world’s largest economy.