Brent crude oil futures
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 fears about the outlook for fuel demand, while crude was also pressured by broader selling of industrial commodities and by the Turkish financial crisis.
China and the United States have implemented several rounds of trade tariffs and threatened further duties on exports worth hundreds of billions of dollars, which could knock global economic growth.
At the same time, the crisis gripping the Turkish lira has rattled emerging markets and reverberated across equities, bonds and raw materials.
US data on Wednesday showed crude output
Asian demand is showing signs of slowdown as trade disputes and a stronger dollar drag the economies of some of the world's largest oil buyers.