Oil settles near $91, makes weekly gain of over 7%

14/10/2023 Argaam

Oil rises, set for weekly gain of 1%

Oil drilling rigs

Oil prices rose on Friday amid the current political unrest in the Middle East and fears of including other parties, which would threaten supplies.

 

China's oil imports rose 14% year-on-year in September to reach 45.74 million metric tons, or 11.13 million barrels per day, official data showed.

 

The US drilling rig count rose for the first time in four weeks, adding four units in the week ended Oct. 13, General Electric Co.’s Baker Hughes energy services firm said in its closely followed report on Friday.

 

Brent crude for December delivery rose 5.7%, or $4.89, to settle at $90.89 a barrel, with a weekly gain of 7.45%.

 

US West Texas Intermediate (WTI) for November delivery leapt 5.75%, or $4.78, to $87.69 a barrel, recording a weekly gain of 5.9%.

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