By Laila Kearney
NEW YORK (Reuters) - Oil prices fell nearly 2 percent on Friday as investors worried about a global economic slowdown, snapping a nine-day winning streak spurred by U.S.-China trade hopes, but clung to some gains from that rally to end the week higher.
Still, both benchmarks saw their second week of gains, with Brent rising about 6 percent and WTI up about 7.6 percent.
The global crude benchmark on Thursday posted its first consecutive nine-day rally since September 2007. WTI, which also hit its ninth straight day of gains, beat a 2010 record.
Rising expectations that an all-out trade war between Washington and Beijing might be averted supported markets earlier in the week. Three days of talks between the two economic superpowers concluded on Wednesday with no concrete announcements, but higher-level discussions may convene later this month.
Market participants remained cautious about a slew of recent economic data that has raised concerns about a global economic slowdown.
China plans to set a lower economic growth target of 6-6.5 percent in 2019 compared with last year's target of "around" 6.5 percent, policy sources told Reuters, as Beijing gears up to cope with higher U.S. tariffs and weakening domestic demand.
On the supply side, oil markets have received support from supply cuts by the Organization of the Petroleum Exporting Countries and non-OPEC members including Russia. The deal is aimed at shrinking a glut that emerged in the second half of 2018.
Russia has reduced its oil production to 11.38 million barrels per day (bpd) on average on Jan. 1-10 from a record high of 11.45 million bpd last month, a source familiar with the data told Reuters on Friday.
U.S. energy firms, however, this week cut four oil rigs, the second week of declines, General Electric Co's
(Additional reporting by Noah Browning in London, Henning Gloystein in Singapore, Stephanie Kelly and Scott DiSavino in New York; Editing by Susan Thomas and Marguerita Choy)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)