Reported 2 months ago
Oil prices saw a slight increase on Friday but are on track for a fourth consecutive weekly decline as disappointing global fuel demand, particularly from major importer China, overshadows supply concerns in the Middle East. Brent crude is poised to drop 1.7% this week, while U.S. West Texas Intermediate crude is set for a 1.1% drop, marking the longest losing streak for both benchmarks since last December. Despite ongoing geopolitical tensions, analysts note a potential improvement in China's crude import outlook due to strategic purchases.
Source: YAHOO