Oil headed for a fifth weekly loss as demand concerns grow in Asia and Europe, while OPEC+ awaited Russia’s response to its proposal to cut output further.
Chinese refiners are processing 15% less crude than before the coronavirus outbreak, said people with knowledge of operations at the nation’s largest complexes. In Europe, French industrial production missed estimates, compounding a reduced demand outlook. Traders were also watching a meeting in Cairo over the weekend for signs of progress between warring factions in Libya, where oil exports are currently blockaded.
Brent rose 9 cents, or 0.2%, to $55.02 a barrel on the London-based ICE (NYSE:ICE) Futures Europe exchange as of 10:06 a.m. in London. The contract is down about 5% this week, set for the longest streak of weekly drops since November 2018. West Texas Intermediate was little changed, at $50.96.
Source : Bloomberg