Oil falls for second week, closes at lowest level in a month

WASHINGTON - Ma'an - Oil prices recorded a weekly decline, falling for the second week in a row, as the two benchmark crudes fell by more than 2.5%, after oil prices fell by more than two dollars on Friday, recording at the settlement their lowest levels since mid-June, with renewed hopes for a ceasefire in the Gaza Strip, while the rise of the dollar increased pressure on prices. Brent crude futures fell $2.48, or 2.9%, to settle at $82.63 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell $2.69, or 3.3%, to $80.13 a barrel. US Secretary of State Antony Blinken said on Friday that a long-awaited ceasefire between Israel and the Palestinian Hamas movement was on the horizon. "I think we're within the 10-yard zone and moving toward the ultimate goal of an agreement that would result in a ceasefire, return the hostages to their homes and put us on a better path to try to achieve lasting peace and stability," Blinken said. If a ceasefire is reached, Yemen's Iran-allied Houthi group may back down from attacking commercial ships in the Red Sea, as the group has said it is carrying out the attacks in support of the Palestinians in the war in the Gaza Strip. The dollar index rose after stronger-than-expected U.S. labor market and manufacturing data this week. A stronger dollar reduces demand for U.S.-denominated oil by investors holding other currencies. A list of economic targets reaffirmed at the end of a key Communist Party meeting this week contains "a large number of complex contradictions," Chinese officials said Friday, indicating a bumpy road ahead for policy implementation. Official data showed China's economy grew at a slower-than-expected 4.7 percent in the second quarter, raising concerns about demand for oil in the country. A global technical glitch on Friday disrupted work in many industries and sectors, as airlines suspended flights, some media outlets stopped live broadcasting, and banking and health care services were affected. Meanwhile, two large oil tankers caught fire after coll iding near Singapore. Singapore is Asia's largest oil trading hub and the world's largest bunkering port. Its surrounding waters are vital trade routes between Asia, Europe and the Middle East and are among the world's busiest sea lanes. Source: Maan News Agency