Sun, 2022-11-20 09:02
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.
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