Brent crude stabilizes, makes semi-annual gain of over 13%

Oil drilling rigs

Oil prices were mixed on Friday but recorded gains for the third straight week amid geopolitical tensions.

The prices of Brent crude futures for August delivery stabilized at $86.41 a barrel, but recorded weekly, monthly, quarterly, and semi-annual gains of 1.35%, 6.55%, 1.25%, and 13.45%, respectively.

Meanwhile, the prices of US WTI crude futures for August delivery fell by 0.25%, or $0.20, to $81.54 per barrel, but recorded weekly, monthly, quarterly, and semi-annual gains of 1%, 6.25%, 0.8%, and 13.75%, respectively.

The US crude oil production rose by 72,000 barrels per day (bpd) month-on-month (MoM) to 13.25 million bpd in April, and oil demand rose to 20 million bpd, the highest levels since December 2023, the Energy Information Administration data showed.

The US drilling rig count fell for the fifth straight week, declining six units to 479 in the week ended June 28. This is the lowest level since Dec. 17, 2021, when the rig count reached 475, Baker Hughes energy services firm said in its weekly report.