Oil prices dip, set for weekly gains

Oil drilling rigs

Oil prices fell on Friday but remain on track for a fourth consecutive week of gains, provided they do not deepen losses during the session.

Brent crude futures for March delivery declined by 0.4%, or $0.26, to $63.50 per barrel as of 9:06 a.m. Makkah time.

Meanwhile, February Nymex crude futures fell 0.35%, or $0.20, to $58.99 per barrel.

Kazakhstan’s state-owned oil and gas company announced plans to increase its oil exports to Germany to 2.5 million metric tons in 2026, up from 2.14 million tons in 2025, according to Reuters.

Markets are also awaiting Baker Hughes’ data on the number of US oil and gas rigs later today, which will provide insights into US supply prospects.