Oil Prices to Post More Losses

Oil Prices to Post More Losses
Oil Prices to Post More Losses

Oil prices looked set to post their second straight weekly loss, as prices continued to fall on Friday over concerns about demand from China and due to skepticism over the United States and Iran striking a nuclear deal.
Brent crude futures dropped 26 cents or 0.3% to $75.70 a barrel, while the US West Texas Intermediate crude futures eased 22 cents, also a drop of 0.3%, to $70.94, Reuters reported.
Both benchmarks slid by around $1 on Thursday, rebounding from their earlier losses of more than $3.
For the week, they are on track for losses of about 1%, similar to last week.
Oil prices had risen early in the week following Saudi Arabia's pledge over the weekend for deep output cuts, but they pared gains on a rise in US fuel stocks and weakness in Chinese export data.
Expectations of tighter supply and higher demand, as the United States enters the summer holiday season when more people drive, are being offset by worries over a slow pickup in China's fuel demand, Yoshida said.
Although the Chinese economic recovery has been slower than expected, India - the world's third-largest oil consumer - has managed to sustain economic momentum.
Strong factory activity helped Indian fuel consumption surge in May, driving diesel sales to a record high.
Some analysts expect oil prices to get a lift if the US Federal Reserve skips a rate hike at its next meeting on June 13-14. Economists polled by Reuters expect no hike at the meeting.

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