Oil prices fall as US fuel demand remains weak
SINGAPORE: Oil prices edged lower on Friday after US inventory data showed lacklustre fuel demand in the world’s largest oil consumer while worsening US-China tensions weighed on global financial markets.
Brent crude slipped 36 cents, or 1 per cent, to $34.93 a barrel by 0106 GMT and US West Texas Intermediate crude was at $33.20 a barrel, down 51 cents, or 1.5 per cent. Still, both contracts are set for a fifth weekly gain, helped by production cuts and optimism about demand recovery in other countries.
