Oil prices on track for fourth straight week of declines

Oil prices were little changed on Friday but on track for their fourth straight week of losses after tumbling about 5% to a four month-low on Thursday on worries over global demand.

Brent futures edged up 4 cents, or 0.1%, to $77.46 a barrel at 0529 GMT. U.S. West Texas Intermediate crude (WTI) was at $72.95, up 5 cents, or 0.1%. Both have lost around a sixth of their value over the last four weeks.

“Oil prices are down slightly this year despite demand exceeding our optimistic expectations,” Goldman Sachs analysts said in a note.