Oil set for third weekly decline as Middle East conflict concerns ebb

Oil prices were little changed on Friday after rising in the previous session but are set to fall for a third week as concerns of supply disruptions from the Israel-Hamas conflict have ebbed allowing demand worries to reassert themselves.

Brent crude futures for January were flat at $80.01 a barrel at 0157 GMT, while the U.S. West Texas Intermediate (WTI) crude futures for December were at $75.67, down 7 cents.

Brent futures are down 5.7% this week while WTI has declined 5.9% since last week. The three weeks of declines are the longest weekly losing streak for both contracts since a four-week drop from mid-April to early May.