WASHINGTON (dpa-AFX) - Oil prices resumed declines on Friday after rebounding from two days of weakness the previous day.
Benchmark Brent crude futures dipped half a percent to $104.07 per barrel, while WTI crude futures were down 0.8 percent at $101.88.
Prices headed for weekly declines on concerns about a possible recession and a drop in energy demand.
Having just emerged from a painful two-month lockdown, Shanghai is now once again on a high alert.
Elevated levels of new infections in several Chinese cities including Shanghai rekindled worries about growth in the world's second-largest economy.
The Fed's more aggressive approach to combat inflation at the expense of growth also raised worries about the outlook for energy demand.
The focus remains on the latest U.S. jobs data due later in the day, which is expected to show that employers likely hired the fewest workers in 14 months in June.
After official U.S. data revealed a hefty weekly rise in domestic crude inventories, investors now await the U.S. oil & gas rigs count for the week ended July 8th for further direction.
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