Oil Holds Weekly Loss on Glut Concerns, China’s Demand Outlook

Posted by Admin November 17, 2024 Bussiness

(Bloomberg) — Oil held a weekly decline on concerns over plentiful supply and the outlook for demand in China, the world’s biggest crude importer.

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Brent crude traded below $71 a barrel after falling 3.8% last week, while West Texas Intermediate was near $67. The prospect of a supply glut next year and a stronger dollar has weighed on prices, while monthly figures showed another drop in apparent oil demand in China during October.

Oil has swung between gains and losses since mid-October, with hostilities in the Middle East at times raising fears of an escalation and potential disruption to supplies. During Friday’s session, traders reacted to news that Ukraine is calling for action to force Russia toward peace.

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