Oil prices record third straight weekly losses amid recession fears

Oil prices rose on Friday, Sept. 16, but declined for the third consecutive week amid recession concerns.

Crude prices were driven by China’s data that reflected the success of stimulus measures in supporting the economy to face the repercussions of COVID-19, as retail sales and industrial production rose more than expected in August.

Investors expect the Federal Reserve to raise interest rates significantly next week, after data showed that US inflation exceeded expectations in August, which threatens to slow economic activity and demand for crude.

The US drilling rig count increased eight units to 599 in the week ended Sept. 16, General Electric Co.’s Baker Hughes energy services firm said in its closely followed report on Friday.

Brent crude futures for November delivery rose by 0.5%, or $0.51, to $91.35 a barrel, but fell 1.6% this week.

US West Texas Intermediate (WTI) crude futures increased $0.01 to $85.11 a barrel, but recorded weekly losses of 1.9%.