Oil Prices Secure Modest Weekly Gain as Market Awaits Demand Signals

Crude oil prices edged lower on Friday, capping a choppy week that still saw both major benchmarks post modest weekly gains. West Texas Intermediate (WTI) crude settled at $61.44 per barrel, down 0.49% on the day, while Brent crude closed at $65.84 per barrel, slipping 0.17% during North American trading hours.

Despite the muted finish, both contracts managed to record a slight advance for the week, helped by signs of stabilizing demand and tightening supplies in key regions. Traders balanced optimism over upcoming winter fuel consumption with lingering concerns about global economic growth and inventory buildups.

WTI hovered within a narrow range of $61.21 to $62.59, while Brent traded between $65.41 and $66.78, reflecting subdued volatility compared with recent sessions. Analysts noted that the current pricing pattern indicates consolidation following weeks of sharp declines, with the market searching for a clear direction amid mixed signals from global demand indicators.

The energy complex also reacted to shifting currency dynamics, as a stronger U.S. dollar weighed slightly on commodity prices. Meanwhile, speculative trading remained limited ahead of fresh data from the International Energy Agency (IEA) and OPEC’s upcoming demand outlook.

Market participants pointed to easing geopolitical risks and steady refinery utilization rates as stabilizing forces. Still, the overall tone remains cautious, with traders watching closely for any new developments in the global supply chain or unexpected production changes from major oil-producing nations.

With Friday’s pullback, Brent and WTI remain well below their early-October highs but are showing signs of technical support around the $60 and $65 marks, respectively. The week’s performance suggests that the market may have found a temporary floor, setting the stage for potential recovery if demand indicators strengthen in the coming sessions.

As trading closed in New York, both benchmarks ended the week modestly higher — a small but notable rebound after consecutive weekly losses. Investors are now looking ahead to next week’s U.S. economic data and global demand forecasts for clearer direction on the near-term oil outlook.