Oil reports weekly loss on easing geopolitical risk premium, interest rate pause; Brent at $84/bbl

Oil prices settled more than 2 percent lower on Friday as supply concerns over Middle East tensions eased, and jobs data raised expectations that the US Federal Reserve could raise interest rates in the economy that consumes the most oil.

Brent crude futures were down $1.92, or 2.3 percent, at $84.89 a barrel. US West Texas Intermediate futures fell $1.95, or 2.4 percent, to $80.51 a barrel. Both crude oil benchmarks settled more than 6 percent on the week, according to Reuters news agency.


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Updated: 04 November 2023, 10:17 PM IST

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