Oil prices eased Friday, extending losses from the two previous days and heading for a weekly decline, due to recession concerns and slower global oil demand.
2 days ago
Both benchmarks slid by more than 2% to their lowest level since late March on Thursday amid fears of a possible recession, and were on track for a weekly drop of about 6%. "Market sentiment remained bearish after the weak U.S. economic data, along with expectations of interest rate hikes, fueling worries over a recession that could dent oil demand," said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities.
"WTI is expected to trade in the $75-$80 range for the next week as investors try to figure out if U.S. gasoline demand will increase toward the summer driving season, and if China's oil demand will really pick up in the second half of the year," Kikukawa said.rose last week, indicating the U.S. labor market may be starting to show signs of slowing as the lag effect of multiple interest rate hikes by the Federal Reserve takes hold, fanning concerns about a slowdown in fuel demand.
U.S. crude oil inventories last week fell more than forecast as refinery runs and exports rose, whileMeanwhile, Chinafor refined oil products exports in a second batch for 2023 as domestic demand improves while the need to boost its economy through oil products abates, a Reuters survey showed.
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