Oil heads for weekly loss as geopolitical risk premium wanes

Oil prices fell on Friday as concerns over Middle East tensions eased and US jobs data suggested that the Federal Reserve may not raise interest rates further. Brent crude futures dropped 1.2% to $85.81 a barrel, while US West Texas Intermediate crude futures fell 1.3% to $81.42 a barrel. Both benchmarks were on track for weekly losses of over 5%. In addition, a private sector survey showed that China's services activity expanded at a slightly faster pace in October, but sales grew at the slowest rate in 10 months and employment stagnated.

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