Oil heads for weekly loss as Chinese demand continues to underperform

Economy

Today, 10:14

+A -A

INA-source
Oil prices fell on Friday on signs demand in China, the world's biggest crude importer, continues to underperform amid its uneven economic recovery.
Brent crude futures were down 65 cents, or 0.9%, at $71.91 a barrel by 0450 GMT. U.S. West Texas Intermediate crude futures were down 62 cents, or 0.9%, at $68.08.
For the week, Brent is set to fall 2.7% while WTI is set to decline 3.3%.

"While oil prices have somewhat stabilised around the $71.00 level of support this week, the lack of a concrete bullish catalyst suggests that price recovery remains tepid for now," Yeap Jun Rong, market strategist at IG, said in an email.

Source- reuters