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Oil prices head for weekly drop on global economic slowdown worries
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    • Last updated August 19, 2022
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Oil prices head for weekly drop on global economic slowdown worries

Posted By gee mong     August 19, 2022    

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Oil prices slipped on Friday after two days of gains, as market participants weighed worries about a global economic slowdown, which would dampen fuel demand, against expectations of tighter supplies toward year-end.

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Brent crude futures fell 68 cents, or 0.7 per cent, to $95.91 a barrel by 0658 GMT after settling 3.1 per cent higher on Thursday. U.S. West Texas Intermediate crude was at $89.81 a barrel, down 69 cents, or 0.8 per cent, following a 2.7 per cent increase in the previous session.

Both benchmark contracts were headed for weekly losses of more than 2 per cent.

While bullish U.S. weekly data bolstered optimism for improved fuel demand for the near-term, lingering recession fears and a possible increase in output by OPEC+ will likely limit oil price's upside, said Satoru Yoshida, a commodity analyst with Rakuten Securities.

U.S. crude inventories fell sharply as the nation exported a record 5 million barrels of oil a day in the most recent week, with oil companies finding heavy demand from European nations looking to replace crude from warring Russia.

Keeping crude supplies snug, U.S. oil refineries plan to keep running near full throttle this quarter, according to executives and estimates, as refiners set aside worries about recession and sliding retail prices to deliver more fuel.

The rise in U.S. fuel production could partly offset lower oil products exports from China this year as Beijing prioritises the local market to curb domestic fuel inflation.

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