2023-06-10 09:59:53
Oil prices recorded a decline of more than a dollar a barrel at the close of trading on Friday, to record a decline for the second week in a row, as disappointing Chinese data increased concerns about demand growth after Saudi Arabia’s decision to cut production.
Oil fell after a volatile session, to continue its decline for the second day in a row, prompting it to record its second weekly loss, amid fears of an economic recession that could limit demand and doubts about the possibility of the United States and Iran concluding a nuclear deal.
Brent crude futures fell $1.17, or 1.5%, upon settlement, to $74.79 a barrel, and US West Texas Intermediate crude fell $1.12, or 1.6%, to $70.17 a barrel, according to CNBC.
On a weekly basis, Brent crude recorded a loss of 1.6%, while the US West Texas crude recorded a weekly loss of 2%.
The two benchmarks lost more than $3 on Thursday, after a media report indicated that the United States and Iran were close to reaching a nuclear deal, which would lead to an increase in supply, and the two benchmarks cut their losses after both countries denied the validity of the report.
Oil prices rose at the beginning of the week ending after Saudi Arabia pledged to cut production in addition to the cuts it agreed upon earlier with the Organization of the Petroleum Exporting Countries (OPEC) and its allies, but the gains were reversed after rising US fuel inventories and weak data on Chinese exports.
Some analysts expect oil prices to rise if the US Federal Reserve does not raise interest rates at its next meeting on June 13-14. Analysts said that the Federal Reserve’s decision may also affect Saudi Arabia’s next move
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