Oil prices rise, head for weekly losses

Oil drilling rigs

Oil prices climbed on Friday, heading for their second consecutive weekly loss, as markets assessed concerns over oversupply and slowing demand.

Brent crude futures for January 2026 delivery rose 0.65%, or 40 cents, to $63.79 per barrel as of 09:04 a.m. Makkah time.

WTI (Nymex) crude futures for December delivery gained 0.65%, or 41 cents, reaching $59.83 per barrel.

China’s crude oil imports rose 2.3% month-on-month and 8.2% year-on-year in October, totaling 48.36 million tons, Reuters reported, citing data from China’s General Administration of Customs.

Markets are now awaiting Baker Hughes’ weekly report on the number of active oil and gas rigs in the US, expected later today, for further insight into US supply prospects.