Oil Rebounds for Second Day but Logs Weekly Losses

Oil prices continued to rise on Friday for the second consecutive session, as the recent drop in U.S. crude inventories provided support to the outlook despite uncertainty about the OPEC+ agreement, but couldn’t recover all of its weekly losses.

Brent Crude futures for September delivery rose $1.43, or 1.93%, to finish at $75.55 per barrel.

For the week, the global benchmark front-month futures fell by 62 cents, or 0.81%, marking its biggest weekly loss since May 21.

Meanwhile, the West Texas Intermediate (WTI) Crude futures for August delivery gained $1.62, or 2.22%, to close at $74.56 a barrel, losing 60 cents or 0.80% for the week.