Oil headed for its biggest weekly decline since the middle of July as a streak of disappointing economic data from the U.S. and elsewhere added to fears a global recession is coming.
Futures in New York edged higher Friday, but are down around 6% this week. A key measure of American service industry activity dropped to the lowest in three years last month, while an employment gauge registered its weakest print in more than five years. That came after payrolls and manufacturing numbers fell short of estimates earlier in the week.
West Texas Intermediate for November delivery rose 12 cents, or 0.2%, to $52.57 a barrel on the New York Mercantile Exchange as of 9:34 a.m. in Singapore. It dropped for an eighth consecutive session on Thursday and is down $3.34 this week, the most since July 19.
Brent for December settlement climbed 8 cents to $57.79 a barrel on the ICE Futures Europe Exchange. The contract has fallen 6.6% this week. The global benchmark crude traded at a $5.32 premium to WTI for the same month.
Source : Bloomberg