WASHINGTON (dpa-AFX) - Oil prices fell on Friday and were set for a weekly loss as Chinese demand concerns and fears of a global recession offset support from a large cut to the OPEC+ supply target.
A bigger-than-expected build in U.S. crude inventories increased concerns over global demand.
Benchmark Brent crude futures fell 0.7 percent to $93.94 a barrel, while WTI crude futures were down 0.8 percent at $88.42.
Both Brent and WTI contracts were down more than 4 percent for the week after two weeks of gains.
China may not move away from its stringent zero-COVID policy until the second half of next year, a top IMF official said in an interview on Bloomberg TV.
Official data from the U.S. Energy Information Administration showed that crude inventories grew by 9.9 million barrels last week, much more than expected.
The International Energy Agency (IEA) on Thursday cut its oil demand forecast for this year and next and warned that OPEC and its allies' plan last week to cut output could tip the global economy into recession.
Copyright(c) 2022 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2022 AFX News
