Oil up 1% on signs of slow US output, posts first weekly loss in eight weeks

SINGAPORE (Reuters): Oil prices rose about 1% on Friday on signs of slowing US output, but both crude benchmarks also ended their longest weekly rally of 2023 on mounting concerns about global demand growth.

West Texas Intermediate (WTI) crude futures gained 86 cents, or 1.1%, to settle at US$81.25 a barrel, and Brent crude futures rose 68 cents, or 0.8%, to settle at US$84.80 a barrel.