Oil prices decline on Friday, set for weekly loss
Oil prices experienced a decline on Friday, August 28, 2026, giving back some of the gains from the previous session and heading towards a weekly loss. Brent crude futures for October 2026 delivery fell by 0.56% to $89.20 per barrel, while West Texas Intermediate WTI for October 2026 delivery dropped by 0.57% to $83.05 per barrel. This follows a significant increase on Thursday, where Brent rose by 2.12% and WTI by 1.53%. Despite Thursday's rebound, both benchmarks are expected to end the week lower. Brent has decreased by 5.3% since the start of the week, and WTI has fallen by 4.3% over the same period. This comes after two consecutive weeks of gains for the oil markets. Investors are closely monitoring various indicators, including production levels, oil inventories, and global demand forecasts, to assess future price movements. The market has shown significant volatility throughout August 2026, with both Brent and WTI fluctuating around their early-month levels, ultimately ending the month slightly below their starting points.
