Oil Prices Record More than 7% Weekly Loss

Oil prices declined on Friday, as markets are still reacting to the news of the President of the United States, Donald Trump, and his wife, testing positive for COVID-19, as well as an increase in US drilling rigs.

Crude prices remain impacted by fears of a gloomy demand outlook.

Brent crude futures for December delivery fell by 4.1%, or $1.66, and closed at $39.27 per barrel, its lowest finishing level since June 12, losing 7.4% for the week.

Meanwhile, the US West Texas Intermediate (WTI) crude futures for November delivery decreased by $1.67, or 4.3%, and settled at $37.05 per barrel, nearly doubling its weekly losses to 8%.