Oil closes week lower as global slowdown worries offset demand

Oil fell for the week as lingering concerns over a global economic slowdown overshadowed signs of improving U.S. demand.

West Texas Intermediate futures edged higher Friday in a choppy session but not enough to erase steep losses earlier in the week. Traders reported some pre-weekend liquidation with uncertainty around Iran’s supplies as the European Union and the US look to revive the nuclear agreement. Futures fell to the lowest in seven months earlier in the week as negotiators reported progress on talks between Iran and the EU, while China’s uncertain economic outlook sparked concerns about global demand. 

“Any such deal would undoubtedly involve removing Iran oil sanctions,” said Ryan Fitzmaurice, Commodity Index trader at Marex North America. “Speculators don’t want to get caught wrong-footed in the event of a key announcement.”