Oil prices settle lower, post weekly gain

Oil drilling rigs

Oil prices settled lower on Friday, amid a rise in the US dollar, another round of profit-taking, and renewed hopes for a de-escalation in the Middle East.

At settlement, Brent crude futures for May delivery fell by 0.4%, or 35 cents, to $85.43 per barrel, but recorded weekly gains of 0.1%.

Meanwhile, the price of US WTI crude for May delivery dropped by 0.55%, or 44 cents, to $80.63 per barrel, ending the week with almost no change.

Data from Baker Hughes showed that oil drilling rigs in the US decreased by one rig to 509 rigs during the week ended  March 22.

Russia and China exercised their veto power against a US-sponsored resolution calling for an immediate ceasefire in Gaza, casting doubt on the resolution's language and accusing US Secretary of State Antony Blinken of misleading the international community.