Oil prices fell about 2%, recording a second consecutive weekly loss, due to fears of falling demand in China and measures to increase US interest rates.
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Oil falls 2%, recording the second weekly loss
Oil fell about 2% today, Friday, recording its second consecutive weekly loss, due to concerns about falling demand in China and further measures to increase US interest rates.
The price of Brent crude at the settlement reached $87.62 a barrel, down $2.16, or 2.4%, while the price of US West Texas Intermediate crude reached $80.08 a barrel, down $1.56, or 1.9%.
The benchmark recorded weekly losses, as Brent crude lost about 9%, and West Texas Intermediate crude about 10%.
A stronger US dollar, which makes oil more expensive for holders of other currencies, contributed to the decline in crude prices. For both benchmarks, the market has shifted in ways that suggest easing supply concerns.
And she was Oil prices fellYesterday, Thursday, more than 3%, amid pressure on demand, due to increasing cases of coronavirus in China, and fears of greater increases in US interest rates.
Analysts said that there are concerns about a possible closure in China with the aim of limiting the increase in corona infections, which reached their highest levels since last April, which cast a shadow over the market, and that fears of further raising interest rates may push the US economy towards recession.