Brent falls, records 6% weekly loss

Oil drilling rigs

Brent crude futures dropped on Friday, recording their lowest levels in more than seven weeks, hurt by oversupply concerns after the higher-than-expected increase in US crude stocks.

Brent crude futures for July delivery fell 0.85%, or $0.71, to $82.96 a barrel, the lowest level since March 13 ($82.81), deepening their weekly loss to 5.95%.

Similarly, futures prices for US West Texas Intermediate (WTI) crude for June delivery lost over 1%, or $0.84, to $78.11 a barrel, the lowest level since March 12 ($76.9), with a weekly fall of 6.85%.

The US drilling rig count fell seven units to 499 in the week ended May 3, Baker Hughes energy services firm said in its closely followed report on Friday.

Improved prospects for a cease-fire in the Israeli-Hamas war curbed geopolitical risks in the Middle East and undercut crude prices, amid anticipation of upcoming OPEC+ meeting slated for June 1, which increased uncertainty in the markets.