Oil Records Weekly Losses on Demand Concerns

Oil prices closed Friday lower, despite a decrease in the United States active oil rig count to a record low, amid renewed concerns regarding demand outlook.

This comes after PMI data showed that the global economic recovery is not accelerating.

Brent crude futures for October delivery lost 55 cents, or 1.2%, and settle at $44.35 per barrel, falling by 1% for the week.

Meanwhile, the West Texas Intermediate (WTI) futures settled lower by 1.1% at $42.34 per barrel, recording marginal weekly gains of 0.1%.