Brent settles higher, posts weekly gain of 2.5%

Oil drilling rigs

Oil futures prices rose on Friday, ending a losing streak that lasted for two consecutive weeks, amid renewed geopolitical tensions in the Middle East.

At settlement, Brent crude for June delivery rose by 0.55%, or 49 cents, to $89.50 a barrel, recording a weekly gain of 2.55%.

Meanwhile, the price of West Texas Intermediate (WTI) crude for May delivery rose by 0.35% or 28 cents, to $83.85 a barrel, posting weekly gains of 2%.

Data from energy services firm Baker Hughes showed that the US drilling rig count dropped five units to 506 in the week ended April 26, the biggest weekly drop since November 3, 2023 (eight rigs).

Oil prices came under pressure as the dollar rose following US data that heightened fears of a delayed monetary easing.