London (Archyde.com)
Oil prices fell on Friday as global demand expectations weakened, as well as the resumption of production of some Libyan crude oil. By 1023 GMT, Brent crude futures fell $1.02 to $102.84 a barrel. West Texas Intermediate crude futures fell $1.08 to $95.27 a barrel.
Friday’s data revealed that the global economy is increasingly heading towards a dangerous slowdown, with central banks raising interest rates at high rates compared to a very loose monetary policy during the pandemic to support growth.
While signs of weak US demand weighed on oil prices and pushed benchmark contracts down regarding 3 percent in the previous session, limited global supplies continued to sustain the market’s recovery.
But supply concerns eased slightly following Libya resumed production at several oil fields this week.
West Texas Intermediate crude has fallen during the past two sessions following data showed that demand for gasoline in the United States fell by nearly eight percent compared to the previous year at the height of the summer travel season, in which gasoline consumption increases, affected by the record rise in prices at gas stations.
On the other hand, signs of strong demand in Asia boosted Brent crude, putting it on track for its first weekly gain in six weeks.