By Laura Sanicola
(REUTERS) – Oil prices fell 1% on Friday on macroeconomic concerns and profit-taking, but rose about 30% on the quarter as OPEC+ production cuts squeezed global supply .
Front-month Brent futures for November fell 7 cents to $95.31 a barrel at contract expiration, up about 2.2% for the week and 27% for the third quarter. The most liquid Brent December contract fell $0.90 to $92.20 a barrel.
U.S. West Texas Intermediate (WTI) crude fell 92 cents to $90.97, up 1% for the week and 29% for the quarter.
After oil futures approached $100 a barrel, many investors took profits amid ongoing macroeconomic concerns.
“WTI was the flagship, but today it is losing its luster,” said John Kilduff, partner at Again Capital LLC in New York, citing profit-taking and economic concerns.
Oil and gas activity in three U.S. energy-producing states is rising with the latest price increase, according to research from the Federal Reserve Bank of Dallas.
In July, US production grew to the highest levels since November 2019, according to data from the Energy Information Administration (IEA).
Source: Terra
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