Oil prices dipped in early trade on Friday amid uncertainty on the demand outlook based on contrasting views from OPEC and the International Energy Agency (IEA), but benchmark contracts were headed for weekly gains as recession fears eased.
Brent crude futures fell 34 cents, or 0.3 per cent, to $99.26 a barrel at 0112 GMT, while US West Texas Intermediate (WTI) crude futures fell 34 cents, or 0.3 per cent, to $94.00 a barrel.
Brent was on track to climb more than 4 per cent for the week, recouping part of last week’s 14 per cent tumble, its biggest weekly decline since April 2020 amid fears that rising inflation and interest rate hikes will hit economic growth and fuel demand.
