Oil rebounds after slumping 10% this week on demand concern
BNN Bloomberg
Oil rose but the benchmark is still headed for a weekly loss of almost 10 per cent as the outlook for demand faltered amid an uncertain global economic outlook.
West Texas Intermediate advanced above US$69 a barrel on Friday. The US crude benchmark is still down for a third week in its longest run of losses this year. Prices have been battered by concern over instability among regional U.S. lenders and fears the economy will to slide into a recession.
Futures have slumped 13 per cent this year even after a decision by the Organization of Petroleum Exporting Countries and its allies to cut production from this month. Trading was marked by a brief-but-dramatic plunge early Thursday, when prices collapsed to touch the lowest intraday level since 2021.