Oil rises, heads for second weekly drop

Oil rose today, Aug. 25, but heads for the second weekly decline after ending a seven-week gains last week.

Brent crude for October delivery rose 0.35%, or 30 cents, to $83.66 a barrel at 8:02 am Makkah Time.

The US West Texas Intermediate (WTI) benchmark for October delivery traded 0.4%, or 32 cents, up at $79.37 a barrel.

Meanwhile, investor caution ahead of remarks from Federal Reserve Chair Jerome Powell at the Jackson Hole Symposium lifted the safe-haven dollar to a 10-week high, its biggest rise in a month, as markets waited for word on how long rates would stay high.

During the week, oil losses were curbed as the US crude stockpiles fell to the lowest since December. The Cushing crude stocks also fell the most since October 2021.

Elsewhere, Bloomberg reported that signs of a thaw in US relations with sanctioned oil producers Iran and Venezuela has undercut a tightening in global supplies.

Source : Argaam