Oil Set to Drop For Second Week

PUKMEDIA

Oil prices.

Due to worries that a protracted trade war between the US and China will slow economic development and depress crude consumption, oil prices were little changed on Friday and are expected to decline for a second week.

After the benchmarks finished more than $2 lower on Thursday, Brent futures increased 14 cents on Friday, or 0.2%, to $63.47 a barrel by 0522 GMT, while U.S. West Texas Intermediate crude futures also increased 0.2%, to $60.21.

WTI is expected to drop 2.9% this week, while Brent is expected to drop 3.2%. The preceding week saw an 11% decrease in both benchmarks.

A prolonged dispute among the two largest economies in the world is probably going to hinder global trade, obstruct trade routes, and ultimately slow down global economic expansion.



PUKMEDIA