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18 April 2024

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Oil heads for weekly loss as Chinese demand continues to underperform

15-11-2024 11:04 AM


Ammon News - 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%.

Oil prices also fell this week as major forecasters indicated market fundamentals remained bearish.

Reuters




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