Oil prices decline 4% over week as US crude output hits record high

Oil prices rose slightly on Friday but fell about 4% over the week due to record U.S. crude output. Brent crude settled at $73.10 a barrel, while U.S. West Texas Intermediate closed at $69.49. Reports of potential Iranian military action against Israel added some upward pressure on prices. However, U.S. production reached an all-time high, with the Energy Information Administration noting a record output of 13.5 million barrels per day. The U.S. job market showed signs of stagnation in October, influenced by labor strikes and weather disruptions. Economists anticipate a 25 basis point interest rate cut from the Federal Reserve next week, following previous rate hikes.