Oil prices posted losses after a four-week streak of gains as futures saw a slight decline at the close on Friday as investors assessed weak consumer sentiment and expectations of interest rate cuts by the Federal Reserve in September.

At the close on Friday, Brent crude futures fell 37 cents to $85.03 per barrel, while West Texas Intermediate crude futures fell 41 cents, or 0.5%, to $82.21 per barrel.

Over the past week, Brent crude futures fell by more than 1.7% after four weeks of gains, while West Texas Intermediate crude futures recorded a weekly decline of 1.1%.

According to a survey conducted by the University of Michigan, US consumer sentiment fell to its lowest level in eight months in July, despite improving inflation expectations for next year and beyond.

US Labor Department data showed that the producer price index rose 0.2% in June, slightly beating expectations due to higher utility costs.

Investors expect the start of interest rate cuts by the Federal Reserve next September, despite statements by the Federal Reserve Chairman that more data is needed to strengthen the arguments for lowering interest rates.

Strong demand for gasoline in the United States supported prices, as demand recorded the highest level since 2019 during the week ending July 5, which prompted American refineries to increase their activity and withdraw from crude oil inventories.