Oil prices fell on Friday as economic headwinds revived concerns of slowing glob...
SINGAPORE - Oil prices fell on Friday as economic headwinds revived concerns of slowing global demand growth and a faster-than-expected recovery in Saudi crude oil output eased worries over potential major supply disruptions.
“It will depend on the global economy. If the global economy weakens, for which there are already some signs, we may lower oil demand expectations,” IEA Executive Director Fatih Birol told Reuters. Brent crude LCOc1 futures fell 55 cents, or 0.9%, from the previous session’s close to $62.19 a barrel by 0653 GMT.The rapid return of oil production from top world exporter Saudi Arabia less than two weeks after the Sept. 14 attacks also squashed risk premiums and dragged crude prices lower, analysts said.
“The expected lower demand for oil inputs into refineries typically sees U.S. crude inventories swell, all of which could pose a significant downside risk for prompt oil prices,” Innes said.
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