Oil prices dip amid recession fears, weak demand but supply cuts support
LONDON (Reuters) -Oil prices dropped in a choppy trading session on Friday as global recession fears and weak oil demand, especially in China, outweighed support from a large cut to the OPEC+ supply target.
Brent crude futures were down $1.49, or 1.6%, at $93.08 a barrel at 1330 GMT while U.S. West Texas Intermediate (WTI) crude futures fell $1.64, or 1.8%, to $87.47.
The Brent and WTI contracts both oscillated between positive and negative territory on Friday but were down around 5% on the week after two weeks of gains on concern over the global economy.
