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Oil Falls, Ending Week About 2% Lower on Supply increase, and New Lockdowns IndraStra Global By the Al-Attiyah Foundation Oil prices settled lower on Friday and fell around 2% last week as production increases and renewed COVID-19 lockdowns in some countries, offset optimism about a recovery in fuel demand. Brent crude settled down 22 cents, or 0.4%, to $62.95, while WTI ended 28 cents, or 0.5%, lower at $59.32.   U.S. drillers maintained the current number of drill rigs this week, energy services firm Baker Hughes said on Friday, with analysts forecasting more rigs will be needed to keep production steady in coming weeks. Prices have been pressured by the decision of the OPEC+, to increase supplies by 2 million bpd between May and July. Coupled to this, the U.S. dollar fell to a two-week low against a basket of currencies, tracking Treasury yields lower, after data showed a surprising rise in U.S. weekly unemployment claims. A weaker dollar makes oil cheaper for holders of o

Department of energyDistrict of columbiaUnited statesUnited kingdomIndia gujarat state petroleum corpAl attiyah foundationBaker hughesCheniere energyUs department of energyPrices riseChinese appetite aheadNortheast asiaNorth asianGujarat state petroleum corpNorthwest europeNorth asia