Crude oil weighed down by global growth concerns
Oil futures were higher ahead of the weekend but remained on track for large weekly losses on fears that slower global economic growth will hurt fuel demand, even as Saudi Arabia said it has fully restored oil output after recent attacks.
Brent crude oil futures rose 12 cents, or 0.2 per cent, to $57.83 a barrel by 0703 GMT, while US West Texas Intermediate (WTI) crude futures rose 9 cents, or 0.2 per cent, to $52.54.
“Today in Asia I believe we are seeing some pre-weekend buying, mostly as a risk hedge against anything happening in West Asia over the weekend,” said Jeffrey Halley, a senior market analyst at OANDA in Singapore.
