Brent crude deepens losses at settlement, posts weekly drop for 4th week

Oil drilling rigs

Oil prices turned sharply lower on Friday, extending their losses for the fourth consecutive week amid doubts about the strength of demand and increasing concerns about a potential recession in the US economy, despite a decline in the dollar.

At settlement, Brent crude futures for October delivery fell by 3.40%, or $2.71, to $76.81 a barrel, after touching $80.46, recording a weekly loss of 4.30%.

Meanwhile, U.S. WTI crude for September delivery eased 3.65%, or $2.79, to $73.52 a barrel, after reaching $77.29, marking a loss of 4.70% since the beginning of the week.

Data from Baker Hughes today showed that the number of oil drilling rigs worldwide decreased by 106 rigs year-on-year, while it increased by 7 rigs to 1,713 in July, from 1,707 in June.

A separate report from the oil services company revealed that the number of oil drilling rigs in the US remained unchanged this week at 482 rigs, after recording the first increase last week since ending May 17.