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Oil Set for 10 Percent Weekly Drop as Demand Worries Dominate

Started by Epoch-Times-Bot, Dec 09, 2022, 08:14 AM

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Epoch-Times-Bot

Oil Set for 10 Percent Weekly Drop as Demand Worries Dominate

Oil prices were stable on Friday, although both benchmarks headed for a weekly loss on worries over weak economic outlook in China, Europe, and the United States weighing on oil demand.
Brent crude futures were at $76.20 a barrel, up 5 cent, at 1216 GMT. Brent hit a 2022 low this week.
U.S. West Texas Intermediate crude was up 42 cents at $71.88 a barrel.
The contracts are set for weekly losses of around 10 percent each, their worst weekly drops in percentage terms since August and April, respectively.
“The EU’s oil embargo against Russia and the G7 price cap on Russian oil that came into force at the start of this week have been just as powerless to prevent this as the easing of coronavirus restrictions in China and robust Chinese crude oil imports have,” Commerzbank analyst Carsten Fritsch said....

Source: Oil Set for 10 Percent Weekly Drop as Demand Worries Dominate

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