Oil prices remained on track for weekly losses on Friday as fears over China’s demand for oil continued to weigh on the market. Brent crude futures saw a slight increase of 0.3 percent to $78.97 a barrel, while U.S. West Texas Intermediate crude futures rose 0.3 percent to $74.05. The week started strong with Brent crude approaching $85 a barrel on Monday. However, concerns over China’s economic recovery persisted, as the International Monetary Fund predicted a slowdown in the country’s growth. Additionally, worries over shipping disruptions heightened after a military spokesperson for the Iran-aligned Houthi group indicated that attacks on shipping would continue until the Gaza Strip’s siege is lifted. Despite support from the U.S. Federal Reserve’s decision to keep interest rates steady, uncertainty over China’s demand outlook has kept oil prices under pressure. Experts suggest that output cuts by OPEC and its allies may also extend into the second quarter. The cautious approach by major oil producers reflects the ongoing volatility in the market and concerns about the global economic recovery.
Brent Crude Prices Stumble on China Demand Concerns and OPEC Output Cuts
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