Oil drilling rigs
Brent crude dropped on Friday, as financiers assess need for oil after the month-to-month report of the International Energy Agency (IEA), and the United States oil stocks weekly information.
Brent crude for March shipment decreased 0.13% to $79 a barrel at 09:00 am Makkah Time.
United States West Texas Intermediate (WTI) crude was the same at $74.14 a barrel. Both agreements head for weekly gains varying in between 1% and 2%.
Oil rates increased on Jan. 18 as the IEA anticipated oil need to grow by 1.2 million a barrel, a boost of 180,000 barrels compared to previous quotes.
On the other hand, United States petroleum stocks saw a higher-than-expected drop in the week ended Jan. 12, information from the United States Energy Information Administration (EIA) revealed. Petroleum stocks reduced by 2.5 million barrels throughout the week, versus expectations of a drop of 600,000 barrels.