Crude oil prices climbed on Friday and front-month WTI oil futures contracts recorded gains for a fifth straight week amid tighter supplies.
Recent data showing a drop in U.S. crude inventories and output disruptions in the Gulf of Mexico due to the impact of two hurricanes supported oil prices.
The public auction of state crude reserves by China limited oil's advance . According to reports, PetroChina and Hengli Petrochemical bought four cargoes totaling about 4.43 million barrels in the auction.
West Texas Intermediate Crude oil futures for November ended higher by $0.68 or about 0.9% at 73.98 a barrel. WTI Crude futures gained about 2.8% this week.
Brent crude futures posted a third straight weekly gain. The contract was up $0.72 or 0.93% at $77.97 a barrel a little while ago.
A few members of the Organization of the Petroleum Exporting Countries and their allies, collective known as OPEC+, are reportedly finding it tough to increase output due to the pandemic and a lack of funds.
According to the data released by Baker Hughes, the number of active U.S. rigs drilling for oil climbed by 10 to 421 this week. The total active U.S. rig count, including those drilling for natural gas, climbed by 9 to 521, the data said.
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Market Analysis
December 26, 2025 08:42 ET Third quarter economic growth data from some major economies including the U.S. were the main news in this holiday shortened week. GDP growth and industrial production data from the U.S. helped to boost morale, while the consumer confidence survey results were less upbeat. In Europe, the quarterly economic growth data from the U.K. drew attention, while the minutes of the Australian central bank’s latest policy session was in focus in Asia.