Oil fell again after a weekly loss amid ongoing concern that a fragile economic outlook will continue to weigh on fuel demand.
Futures declined 0.6% in New York after dropping 1.7% last week. Policy makers in China, the world’s second-biggest oil consumer, are preparing for two key meetings with fresh evidence that economic growth will slip further from its lowest in almost three decades. Speculators have almost tripled short positionsin U.S. crude futures since mid-September as Washington and Beijing struggle to finalize a trade deal, according to data on Friday.
West Texas Intermediate for November delivery fell 30 cents to $53.48 a barrel on the New York Mercantile Exchange as of 8:30 a.m. local time. Trading volumes were about 90% below average as transactions in the December contract slowed before its expiry on Tuesday. The contract lost 15 cents to close at $53.78 on Friday, capping a 1.7% weekly loss.
Brent for December settlement fell 42 cents to $59 a barrel on the London-based ICE Futures Europe Exchange, after declining 49 cents on Friday. The global benchmark crude traded at a $5.35 premium to WTI for the same month.
Source : Bloomberg