Doha: Oil prices dropped by more than $2 per barrel, marking a weekly decline as investors weighed risks in the Middle East and uncertainty surrounding a potential peace agreement in Ukraine. Brent crude futures fell by $2.05, or 2.68 percent, to $74.43 per barrel, while US West Texas Intermediate crude dropped by $2.08, or 2.87 percent, to $70.40 per barrel.

According to Qatar News Agency, on a weekly basis, Brent prices declined by 0.4 percent, and US crude dropped by 0.5 percent. The US Energy Information Administration reported on Thursday an increase in domestic crude oil inventories, following a drop in gasoline and distillate inventories last week due to seasonal refinery maintenance.

Additionally, the number of oil and gas rigs, an early indicator of future production, rose by four to 592 at the end of this week.