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Oil Set for Weekly Loss on Economy Fears From Europe to China
Friday, 8 February 2019 18:13 WIB | ENERGY |Minyak WTIbrent oilOil,Crude Oil

Oil headed for its biggest weekly loss since December as concerns over economic growth from Europe to China reinforced fears that fuel demand may weaken.

Futures declined in New York for a second day and have lost 5 percent this week. The trade dispute between the U.S. and China showed no signs of a resolution as President Donald Trump said he wouldn™t meet President Xi Jinping before a March 1 deadline to avert new American tariffs on Chinese imports. Meanwhile, the European Commission slashed growth forecasts for the euro area™s big economies.

West Texas Intermediate crude for March delivery fell 5 cents to $52.59 a barrel on the New York Mercantile Exchange as of 10:05 a.m. in London. The contract™s loss of 5 percent this week is set to be the sharpest drop since the week through Dec. 21.

Brent for April settlement gained 20 cents to $61.83 a barrel on the London-based ICE Futures Europe exchange. The contract has fallen 1.5 percent this week. The global benchmark crude was at an $8.89 premium to WTI for the same month.

Source : Bloomberg

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