Oil Retreats After Three-Day Rally on Renewed Demand, Economic Growth Concerns
Friday, 25 October 2019 09:11 WIB | ENERGY |Crude OilOil,Minyak MentahBrentWTIMinyak

Oil prices stepped back on Friday after three straight days of gains, hurt by renewed concerns about fuel demand in light of gloomy economic growth forecasts.

Brent crude was down 30 cents, or 0.5%, at $61.37 by 01:22 GMT. The global benchmark rose nearly 1% on Thursday and is heading for a weekly gain of more than 3%.

West Texas Intermediate (WTI) crude was down 26 cents, or 0.5%, at $55.97. The U.S. benchmark rose 0.5% in the previous session and is on track for a weekly gain of 4.1%.

The strong weekly rise in oil prices was underpinned by a surprise decline in U.S. inventories of crude and optimism about more efforts to support prices by OPEC and its allies. Yet, on the whole, economic growth and oil demand concerns continue to be a key driver of prices.

Source : Reuters

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