Oil drilling rigs
Oil prices rose at the close of Friday's trading but recorded weekly losses due to demand concerns following Fed’s announcement of plans to slow the pace of monetary easing next year.
At settlement, Brent crude futures for February 2025 delivery increased by 0.1%, or 6 cents, to $72.94 a barrel, registering a weekly loss of 2.1%.
Meanwhile, US WTI crude futures for February 2025 delivery climbed 0.15%, or 8 cents, to $69.46 a barrel, but declined 1.9% over the past five sessions.
China's energy company Sinopec predicts that the country's crude oil imports may peak as early as 2025, with consumption in the world's second-largest economy reaching its zenith by 2027 due to weaker demand for diesel and gasoline.
Data from Baker Hughes released on Friday showed that the number of active oil rigs in the US increased by one to 483 rigs during the week ended Dec. 20.
