Oil Finishes Third Week in Losses

Oil prices declined on Friday, keeping a downward trend that has so far lasted for seven straight sessions, with the rise of the U.S. Dollar (USD) and fears about the spread of the Coronavirus Delta variant and a possible negative impact on demand recovery.

Despite the USD edging lower on the last session of the week, the Dollar Index that measures the greenback against a basket of six major international currencies remains near its highest level in about nine months.

Brent crude futures for October delivery declined by $1.27, or 1.9%, to close at $65.18 per barrel.

For the week, the global benchmark crude most active contracts dropped by 7.7%.

The West Texas Intermediate (WTI) crude futures for September delivery lost $1.37, or 2.15%, to finish at $62.32 per barrel, down 8.94% for the week.

Both futures finished at their lowest level since May 20 with their worst weekly losses since October 30, 2020.

Oil has now declined for the third week in a row.

Earlier today, the number of active rigs drilling for crude oil in the united states increased by eight to 405 this week, rising for the third consecutive session, data reported by Baker Hughes showed, while the total rig count inched higher by three to 503 as natural gas rigs decreased by five.