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Oil sinks amid fears that slowing global economic growth could hit demand

Data on Wednesday showing a large build in US inventories fostered fears about the outlook for fuel demand

Reuters  |  Tokyo 

Oil prices fell on Friday, with US crude heading for a seventh weekly decline amid increasing concerns about slowing global economic growth that could hit demand for petroleum products. Brent crude oil futures were down 5 cents at $71.38 a barrel by 0050 GMT. US West Texas Intermediate (WTI) crude futures dropped 4 cents to $65.42 a barrel. Brent is heading for a 2 per cent decline this week, a third consecutive weekly drop. WTI is on track for the seventh week of losses, with a fall of more than 3 per cent. Data on Wednesday showing a large build in US inventories fostered ...

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First Published: Fri, August 17 2018. 08:07 IST
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