Oil ends lower, records weekly loss
Oil drilling rigs
Oil prices fell for a third straight session at Friday’s settlement, posting their first weekly loss in three weeks as markets monitored geopolitical developments in the Middle East.
The decline came despite persistent constraints on global refining capacity due to the wars in the Middle East and Ukraine, which pushed prices of key fuels, including diesel, to record highs.
The Strait of Hormuz remains largely closed to shipping, with only four vessels carrying goods passing through on Thursday, compared with an average of about 16 vessels over the previous 10 days.
Meanwhile, JPMorgan analysts said that, for the first time since the US-Iran war began in February, they lacked a clear base-case outlook for oil markets.
The United States and Iran have held no peace talks since an interim agreement reached in June collapsed. The United Nations General Assembly is due to discuss the war during meetings next week, with an Iranian delegation allowed to attend.
|
Benchmark Crude Futures |
||||
|
Crude |
Price ($/barrel) |
Change ($) |
Change (%) |
Weekly performance |
|
Brent (November delivery) |
103.87 |
(0.95) |
(0.91%) |
(0.70%) |
|
WTI (October delivery) |
100.30 |
(1.61) |
(1.58%) |
(0.25%) |
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