Oil edges higher but on track for big weekly loss

Oil edges higher but on track for big weekly loss
  • Clock-gray 08:19
  • calendar-gray 04 October 2019

Oil futures edged higher on Friday but were on track for a large weekly loss on fears that slower global economic growth will hurt fuel demand, while Saudi Arabia said it has fully restored oil output after recent attacks, APA reports quoting Reuters.

Brent crude oil futures LCOc1 rose 8 cents, or 0.1%, to $57.79 a barrel by 0138 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 12 cents, or 0.2%, to $52.57 a barrel.

For the week, Brent futures were down 6.7%, marking its largest weekly loss since December, while WTI was down 6%, its biggest decline since July.

Weak U.S. services sector and jobs growth data on Thursday added to worries about global oil demand and exacerbated fears that a protracted U.S.-China trade war could push the global economy into a recession.

Kənan Hacıyev

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