Oil Declines But Set for Third Weekly Rise
Oil prices fell slightly on Friday but were still set for a third straight weekly gain after easing US-China trade tensions lifted business confidence and the outlook for global economic growth.
Brent was down 7 cents at $66.47 a barrel, equivalent to a weekly rise of around 2%, Reuters reported.
US West Texas Intermediate crude was down 10 cents at $61.08 per barrel, a gain of around 1.5% on the week.
Progress in a long-running trade dispute between the United States and China, the world’s two biggest oil consumers, has boosted expectations for higher energy demand next year.
China on Thursday announced a list of import tariff exemptions for six oil and chemical products from the United States, days after Washington and Beijing announced an interim trade deal set to be signed at the beginning of January.
Most major economies have likely averted recession for now but growth will remain subdued in 2020, according to Reuters polls.
Brent is 23% more expensive than it was at the start of the year. Oil prices fell almost 20% in 2018.
source: Financial Tribune
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