Brent crude closes 2% lower but posts weekly gains

Oil drilling rigs

Oil prices settled lower on Friday as markets assess the Chinese government stimulus package, which disappointed investors and heightened concerns for lower demand.

In the oil market, Brent crude futures for January 2025 delivery fell by 2.35%, or $1.76, to $73.87 a barrel. However, they posted weekly gains of over 1%.

Meanwhile, WTI crude futures for December delivery dropped by 2.75%, or $1.98, to $70.38 per barrel, but recorded a 1.3% rise for the week.

As for gold, December gold futures declined by 0.4%, or $11, to $2,694.80 per ounce, marking the second consecutive week of losses, with the metal down 2% this week.

Data from the University of Michigan revealed that the US Consumer Sentiment Index rose by 3.5% month-on-month to 73 points in the preliminary reading for.