The slowdown in US production indicators contributed to a rise in oil prices by about 1 percent, but the two benchmarks ended their longest streak of weekly gains this year due to growing concerns about global demand growth.
Brent crude futures rose 68 cents, or 0.8 percent, to reach $84.80 a barrel at settlement, and West Texas Intermediate crude futures rose 86 cents, or 1.1 percent, to reach $81.25 a barrel at settlement.
The two benchmarks also rose after data showed that the number of oil and natural gas rigs in the United States fell for the sixth consecutive week, and a decline in US production may exacerbate supply shortages.
Brent crude rose by about 18 percent, while US West Texas Intermediate crude increased by 20 percent during the seven weeks ending on August 11.
2023-08-20 06:06:00
#slowdown #production #indicators #contributes #rise #oil #prices
