Oil is rising, but records its first weekly loss in eight weeks

Oil is rising, but records its first weekly loss in eight weeks

Oil prices rose by about 1% today, amid indications of a slowdown in US production, as the number of oil and natural gas rigs declined for the sixth week in a row, but Brent crude and West Texas crude ended their longest weekly rise in 2023 amid growing concerns about global demand growth.

Brent crude futures rose 0.8% to $84.80 a barrel, and US West Texas Intermediate crude futures rose 1.1% to $81.25 a barrel.

Brent crude rose about 18% and WTI rose by 20% during the seven weeks ending August 11, while oil prices fell this week by about 2% from last week as the deepening real estate crisis in China increased concerns about the country's slow economic recovery.

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