Oil set for worst decline as demand concerns outweigh OPEC supply curbs

Oil is set for the biggest weekly decline since May as global demand concerns outweighed an OPEC+ pact to extend supply curbs into 2020 and worries that a renewed confrontation with Iran may threaten supplies.

Futures are down in New York from Wednesday’s close as anxieties over demand resurfaced this week following sluggish economic numbers from the US to China. The bleak figures emphasize the market OPEC and its allies face as their supply action and the seizure of a tanker carrying Iranian crude to Syria by British special forces on Thursday failed to spur prices.

Oil slumped 4.8% on Tuesday for