“Oil Prices Show Second Consecutive Weekly Decline Due to Economic Uncertainty”

Oil prices were little changed, but were on track for a second consecutive weekly decline, as disappointing economic data in the world’s largest user of crude oil and uncertainty about a rate hike raised concerns about future fuel demand.

Brent crude futures for June delivery rose 16 cents, or 0.2 percent, to $78.53. These contracts expire today, and the most traded contract for the month of July rose 21 cents, or 0.3 percent, to $78.43. US West Texas Intermediate crude rose 23 cents, or 0.3 percent, to $74.99.

Brent crude is set to decline this week by 3.8 percent and has fallen 9.1 percent in the past two weeks. West Texas Intermediate crude is also set to fall 3.8 percent this week, bringing its two-week decline to 9.4 percent.

Data showed that US economic growth slowed more than expected in the first quarter, but jobless claims fell in the week ending April 22.

Investors also fear that interest rate increases that central banks may introduce, in the framework of combating inflation, may slow economic growth and weaken energy demand in the United States, Britain and the European Union.

The Federal Reserve (the US central bank), the Bank of England and the European Central Bank are expected to raise interest rates at their next meetings. The American Central Bank meets on May 2 and 3.