Oil prices rose but ended the week lower due to improved supply conditions.

Although oil prices rose slightly on Friday, expectations of increased global supply led to weekly declines of 3% for Brent and 5% for WTI.

Oil prices climbed on Friday but ended the week lower as investors weighed the outlook for greater global supply against new stimulus measures from China, the world’s largest crude importer.

Brent crude futures rose 38 cents, or 0.53%, to $71.89 per barrel, while West Texas Intermediate (WTI) crude futures gained 51 cents, or 0.75%, to $68.18 per barrel.

For the week, Brent fell about 3%, while WTI dropped roughly 5%.

China’s central bank cut interest rates and injected liquidity into the banking system on Friday to help boost economic growth toward this year’s target of around 5%.

More fiscal measures are expected before China’s holidays begin on October 1, after a meeting of top Communist Party leaders indicated an increased urgency to address growing economic headwinds.

Despite China’s aggressive stimulus efforts, concerns about excess supply driven by OPEC’s plan to raise production have weighed on prices. The Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, are set to proceed with their plan to increase production by 180,000 barrels per day each month starting in December, according to two OPEC+ sources.

Additionally, more barrels are expected to enter the global market following an agreement signed on Thursday by rival factions vying for control of Libya’s Central Bank to end their dispute.

In the United States, some operators have begun to resume operations in the Gulf of Mexico after Hurricane Helene passed over Florida on Thursday night. Chevron redistributed its personnel on Friday and restored production at the platforms operated by the company.