Oil prices head for weekly loss as supply fears wane
Oil prices fell on Friday and were heading for a weekly loss on a faster-than-expected recovery in Saudi output, while investors also worried about global crude demand amid slowing Chinese economic growth, Trend reports citing Reuters.
During a volatile session, Brent crude LCOc1 futures fell $1.26, or 2%, to $61.48 a barrel by 1:20 p.m. EDT (1720 GMT), after dropping to a session low of $60.76 a barrel.
U.S. West Texas Intermediate (WTI) crude CLc1 futures fell 73 cents, or 1.3%, to $55.68 a barrel, after falling to $54.75 a barrel.
Brent was on track to fall 4.3% for the week, its biggest weekly loss since early August. WTI was set to fall 4.1, its steepest loss since mid-July.