Oil falls below $72, records 7% weekly loss

Oil drilling rigs

Oil prices continued their decline on Friday, hurt by demand concerns and geopolitical tensions.

Brent crude futures for November delivery dropped 2.25% or $1.63 to $71.06 a barrel.

Meanwhile, US WTI crude futures for October delivery fell by 2.15%, or $1.48, to $67.67 a barrel.

Both contracts recorded losses of 7.65% and 8%, respectively.

Bank of America lowered its forecast for Brent crude prices in 2025 to $75 per barrel from $80, citing slowing economic growth and weak demand expectations, which would result in higher inventories.

The US drilling rig count was unchanged for the third straight week at 483 in the week ended Sept. 6, Baker Hughes energy services firm said in its closely followed report on Friday.

Danish company A.P. Moller-Maersk said the negative consequences of attacks on Red Sea ships are worsening, as ships are rerouted from the Suez Canal.