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Oil slumped near $70 to mark a fourth-straight week of losses as concerns about demand growth persist.

Oil posted its largest monthly increase in more than a year on signs that the market is tightening, with analysts estimating that crude demand is running at a record clip just as OPEC+ cuts back production.

Oil posted its largest quarterly rally since the initial jolt from the war in Ukraine as lower Russian fuel exports threaten to further tighten a market wrestling with OPEC+ production cuts.

Oil slumped as talks to pause the Israel-Hamas war reduced crude's geopolitical risk premium, with the decline accelerating after the commodity slipped below key technical levels.

Oil posted its biggest weekly decline since February on signs of easing geopolitical risks in the Middle East, while traders continued to weigh the outlook for interest-rate cuts.

Oil posted the biggest weekly gain since October as attacks in the Red Sea forced hundreds of ships to take safer but longer routes, delaying the delivery of oil cargoes.

Oil posted the biggest weekly loss since April as low liquidity fueled big price swings and as restarts for key pipelines alleviated supply concerns.

Oil set its biggest weekly drop since March as the possibility of higher interest rates roils financial markets, overshadowing the tight physical setup for crude that caused prices to skyrocket in the third quarter.

Brent oil posted its longest run of quarterly losses in data going back more than three decades amid robust supplies and persistent concerns over demand.

Oil posted its longest stretch of weekly losses this year as central banks around the world stepped up the fight against inflation at the cost of economic growth.