Oil Update — Oil slides; Bisat oilfield’s plant begins operations; Ranger Oil explores sale
RIYADH: Oil dropped by about 2 percent on Friday, logging a second weekly decline, due to concern about weakened demand in China and further increases to US interest rates.
Brent crude settled at $87.62 a barrel, falling $2.16, or 2.4 percent. US West Texas Intermediate crude settled at $80.08 a barrel, losing $1.56, or 1.9 percent.
Both benchmarks posted weekly losses, with Brent down about 9 percent and WTI roughly 10 percent.
A stronger US dollar, which makes oil more expensive to non-American buyers, pushed down crude prices.
The market structure of both oil benchmarks shifted in ways that reflect dwindling supply concerns.
Crude came close to record highs earlier this year as Russia’s invasion of Ukraine added to those worries. In addition, the front-month futures contract soared to a gigantic premium over…