British News Agency

Brent crude futures settled at $71.61 a barrel, down 36 cents, or 0.5 percent. U.S. West Texas Intermediate crude (WTI) settled at $68.65 a barrel, down 32 cents, 0.5 percent.

The Organization of the Petroleum Exporting Countries and the International Energy Agency lowered their demand growth forecasts this week, citing economic struggles in China, the world’s largest oil importer.

The Energy Information Administration (EIA) said on Wednesday that U.S. oil stockpiles also rose last week as crude imports grew and exports dipped, while fuel demand weakened.

Investors are looking ahead to the U.S. Federal Reserve’s two-day policy meeting next week. The Fed is widely expected to cut interest rates on Wednesday.

For the week, oil futures finished higher following sharp storm-related increases early in the week, breaking a streak of declines. Brent logged an increase of about 0.8 percent since the close of last Friday’s session, while WTI registered a roughly 1.4 percent gain.

Official data showed that as of Thursday, the storm had nearly shut in 42 percent of oil production in the region, which accounts for about 15 percent of U.S. output.

Crude prices also took a hit from the U.S. rig count reported by energy services group Baker Hughes, which reported the biggest weekly rise in oil and natural gas rigs in a year.

The oil and gas rig count rose by eight to 590 in the week to Sept. 13, returning to mid-June levels. The increase was the biggest since the week to Sept. 15, 2023. Crude oil rigs rose by five to 488 this week, while gas rigs rose by three to 97.