On Friday, oil prices marginally increased as investors considered Middle East production concerns; however, gains were tempered by indications of weakening demand.
October delivery Brent crude futures, which expire on Friday, were up 23 cents, or 0.3%, at $80.17 per barrel. November’s more actively traded contract saw a 20-cent increase, or 0.2%, to $79.02.
At $76.09, U.S. West Texas Intermediate crude futures increased by 18 cents, or 0.2%. Due to worries over the availability of oil, both benchmarks ended the week more than $1 higher, having increased 1.5% and 1.7%, respectively, this week.
“However, the somber economic outlook of mainland China, the world’s largest importer of crude oil, continues to be a constant headwind on oil demand.” Next month, Iraq intends to lower its oil production to 3.9 million to 3.85 million barrels per day.
