Oil prices stable and heading for losses for the second week

There was little change in oil prices on Friday, but they are heading for a second consecutive week of losses, with the US Central Bank leaving the door open to possible increases in interest rates in the future, as well as declining fears that the conflict in the Middle East could lead to disruption in supplies.

By 0010 GMT, Brent crude futures rose six cents to $86.91 per barrel, while US West Texas Intermediate crude futures increased 12 cents, or 0.2 percent, to $82.58 per barrel.

The two benchmarks rose by more than $2 a barrel on Thursday. Brent is heading to record a decline of about four percent this week, while West Texas Intermediate crude is heading to close down 3.5 percent.

Geopolitical concerns continue to be closely followed in light of the continuing confrontations between Israel and Hamas in Gaza.

On the supply side, analysts expect Saudi Arabia, the world’s largest oil exporter, to reaffirm the extension of the voluntary oil production cut by one million barrels per day until December.

US oil rig count data is expected to be released later today, and will serve as an indicator of future production.