Home / Market Update / Commodities / Oil Prices Down 7% in Week on Stronger USD

Oil Prices Down 7% in Week on Stronger USD

Oil prices closed lower on Friday, amid mixed expectations for demand recovery, and a rise for the USD, which decline was seen a support factor for crude prices.

Brent crude futures for November delivery settled lower by $1.41, or 3.2%, at $42.66 per barrel, raising its weekly decline to 6.9%.

Meanwhile, the West Texas Intermediate (WTI) futures for October delivery lost $1.60, or 3.9%, and finished at $39.77 per barrel, falling by 7.5% for the week.

Earlier today, data by Baker Hughes indicated that the number of active oil rigs in the US increased by a single platform to 181 this week.

Check Also

US Bond Yields Climb Amid Trade Talks and NFP Data Anticipation

US bond yields have been rising since the start of trading on Wall Street, driven …