Crude oil prices recovered after a weak start and settled higher on Friday.
Oil prices dropped early on in the day on concerns about the Chinese economy and signs of slowing global growth amid rising costs and heightened supply chain disruptions.
Traders also looked ahead to next week’s meeting of the Organization of the Petroleum Exporting Countries and allies led by Russia, a group known as OPEC+.
West Texas Intermediate Crude oil futures for November ended higher by $0.85 or about 1.1% at $75.88 a barrel.
WTI crude futures gained about 2.6% in the week.
Brent crude futures were up $0.85 or 1.1% at $79.16 a barrel a little while ago.
Asia’s manufacturing activity broadly stagnated in September as pandemic-induced factory shutdowns and waning economic momentum in China weighed on the region’s economies, surveys showed earlier today.
Eurozone manufacturing growth weakened in September as producers report a growing toll from supply chain headwinds, IHS Markit noted.
According to a report from Baker Hughes, the oil and gas rig count rose by seven to 528 in the week to October 1, its highest since April 2020. The total rig count was up 262 rigs, or 98%, over this time last year. The report said, drillers have added rigs for 14 straight months now.
U.S. oil rigs rose seven to 428 this week, while gas rigs were steady at 99.
The OPEC and allies are scheduled to meet on Monday to discuss production levels. It is widely expected that the cartel may go beyond its existing deal to boost production by 400,000 barrels per day (bpd) in November and December.