Oil rises but heads for biggest weekly drop in over a month

Oil drilling rigs

Oil prices rose today, Oct. 18 as investors digested data on China's economic growth, but they are on track to post their largest weekly loss in more than a month.

Brent crude futures for December delivery increased by 0.34%, or 24 cents, to $74.69 a barrel as of 7:54 am KSA time, but they are set to record a weekly drop of 5.5%.

West Texas Intermediate (WTI) crude futures for November delivery rose by 0.44%, or 31 cents, to $70.98 a barrel, and are on track for a weekly loss of 6.1%.

If oil prices close today at these levels, it would mark the largest weekly loss since Sept. 2, due to weaker demand expectations and a decline in the premium related to escalating tensions in the Middle East.

Prices rose today in response to data indicating that China's economic growth slowed to 4.6% year-on-year in the third quarter, down from 4.7% in the second quarter, but better than the expectations of 4.5%.

Prices were also boosted by US data on the resilience of the world's largest economy, following stronger-than-expected retail sales growth in September.