Oil slipped below $62 a barrel on Friday and was heading for a weekly decline as...
LONDON - Oil slipped below $62 a barrel on Friday and was heading for a weekly decline as concern that a virus in China may spread, curbing travel and oil demand, overshadowed supply cuts.
Global benchmark Brent LCOc1 was down 28 cents to $61.76 at 1115 GMT. The contract is down almost 5% this week, its third consecutive weekly drop. U.S. crude CLc1 slipped 25 cents to $55.34 and was also on course for a weekly decline. Offering some support for prices was the U.S. Energy Information Administration’s latest weekly supply report, which on Thursday showed that crude inventories fell 405,000 barrels in the week to Jan. 17. [EIA/S]
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