Oil Prices Headed for Weekly Loss

Oil prices were steady on Thursday but headed for a weekly loss, weighed down by slowing Chinese economic growth that dampens the demand outlook and a faster-than-expected recovery in Saudi output. 
Brent fell 6 cents to $62.68 a barrel, while US crude rose 18 cents to $56.59 a barrel. But both were down 2.6% on a weekly basis, CNBC reported. 
Brent, which is on course for its biggest weekly loss in seven weeks, is just above its level before Sept. 14 attacks on Saudi facilities that initially halved the kingdom’s production. 
Sources told Reuters this week that Saudi Arabia had restored capacity to 11.3 million barrels per day. Saudi Aramco has yet to confirm it is fully back online. 
“The political risk premium in crude prices has largely evaporated,” Jefferies analysts said in a note. 
The International Energy Agency said on Friday it might cut its growth estimates for global oil demand for 2019 and 2020 should the global economy weaken further. 
“It will depend on the global economy. If the global economy weakens, for which there are already some signs, we may lower oil demand expectations,” IEA Executive Director Fatih Birol told Reuters.