Oil prices fell about 2%, posting a second consecutive weekly loss, on fears of lower demand in China and measures to raise interest rates in the United States.
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Oil falls 2%, registering the second weekly loss
Oil was down about 2% on Friday, posting its second consecutive weekly loss, on concerns over falling demand in China and more steps to raise US interest rates.
Brent crude oil price at settlement reached $87.62 a barrel, down $2.16, or 2.4%, while US West Texas Intermediate crude oil price reached $80.08 a barrel, down of $1.56, or 1.9%.
The benchmark recorded losses for the week, as Brent crude oil fell about 9% and West Texas Intermediate crude oil fell about 10%.
A stronger US dollar, which makes oil more expensive for holders of other currencies, has contributed to the decline in crude prices. For both benchmarks, the market has moved in ways that suggest an easing of supply concerns.
And it was Oil prices have gone downYesterday, Thursday, it climbed more than 3%, amid pressure on demand, due to the increase in coronavirus cases in China, and fears of higher interest rate hikes in the United States.
Analysts said there were concerns about a possible shutdown in China aimed at limiting the rise in corona infections, which hit their highest levels since last April, casting a shadow over the market, and that the fears of a further increase in interest rates could push the US economy into recession.
