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FX.co ★ Oil Prices Set For Sharp Weekly Losses On Demand Worries

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typeContent_19130:::2023-10-06T09:54:00

Oil Prices Set For Sharp Weekly Losses On Demand Worries

Oil prices were little changed on Friday but headed for steep weekly losses on concerns about a global economic slowdown and its possible impact on fuel demand.

Brent crude futures were down 0.1 percent at $83.97 a barrel, while WTI crude futures were down 0.1 percent at $82.22.

WTI crude futures were down over 9 percent for the week, marking the sharpest weekly loss since April.

The Brent contract was down more than 11 percent, marking the sharpest weekly loss since March.

Analysts say that demand restraint from high oil prices is already visible in the U.S., Europe and some emerging market countries.

Official U.S. data released earlier this week showed a sharp build in gasoline stocks, raising uncertainty about the outlook for demand.

Profit booking by traders after a recent rally, reports of Russia potentially lifting its diesel bank and the OPEC+ decision to maintain its production cuts also weighed on prices.

The focus now shifts to the release of U.S. monthly jobs report later in the day, which is expected to show a slowdown in hiring last month.

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