Crude oil

Oil Prices Heads for Biggest Weekly Loss Since June

Oil prices fell more than 1% on Friday, heading for a weekly losses, amid concerns over sluggish global demand on the back of ample supplies.

US industry data showed gasoline demand fell to 8.78 million barrels per day (bpd) last week from 9.16 million bpd a week earlier.

US refiners also earmarked a long list of maintenance closures over the coming months, which would impact demand.

Meantime, Reuters reported that the volume of crude arriving in China, the world’s largest oil importer, is set to slow in September after rising for five straight months as its refiners gradually digest large inventories.

At around 04:00 AM GMT, WTI crude tumbled 1.1% to $40.92 a barrel, while Brent crude was down 1% to $43.62 a barrel. For the week, the US benchmark is set to see its first weekly drop in five weeks.

Meantime, the global benchmark is on its way to its biggest weekly loss since June.

Trading Economics

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