2023-06-09 19:55:42
Oil prices fell more than $1 a barrel on Friday, dropping for the second week in a row, as disappointing Chinese data added to concerns regarding demand growth following Saudi Arabia’s decision to cut production.
Oil prices rose at the beginning of the week following Saudi Arabia pledged voluntary production cuts in addition to the cuts it had agreed upon earlier with the Organization of the Petroleum Exporting Countries (OPEC) and its allies.
But gains were reversed following rising US fuel inventories and weak data on Chinese exports.
Some analysts expect oil prices to rise if the Federal Reserve (the US central bank) does not raise interest rates at its next meeting on June 13-14.
Analysts said that the Fed’s decision may also affect Saudi Arabia’s next move.
price move
Brent crude futures fell $1.17, or 1.5 percent, at settlement to $74.79 a barrel, and US West Texas Intermediate crude fell $1.12, or 1.6 percent, to $70.17 a barrel.
The two benchmarks lost more than $3 on Thursday following 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. The two benchmarks cut their losses following both countries denied the validity of the report.
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