Oil stable, but heads for weekly loss

Oil drilling rigs

Oil prices are stable today, Aug. 18, but are heading towards recording a weekly loss, amid concerns about a global economic slowdown.

International benchmark Brent crude was trading at $93.71 per barrel, at 9:04 am Makkah time.

West Texas Intermediate (WTI) crude was at $88.12 a barrel.

The US Energy Information Administration data released on Aug. 17 showed that crude stocks fell by 7.06 million barrels last week, and US crude exports rose to 5 million barrels per day.

In supply, Russia has started to gradually increase oil production after sanctions-related curbs and as Asian buyers have increased purchases, leading Moscow to raise its forecasts for output and exports until the end of 2025, Reuters reported, citing a Russian Ministry of Economy document.