KONTAN.CO.ID - SINGAPORE. Oil prices edged lower on Friday after U.S. inventory data showed lacklustre fuel demand in the world's largest oil consumer while worsening U.S.-China tensions weighed on global financial markets. Brent crude slipped 25 cents, or 0.7%, to $35.04 a barrel by 0334 GMT and U.S. West Texas Intermediate crude was at $33.18 a barrel, down 53 cents, or 1.6%. Still, both contracts are set for a fifth weekly gain, helped by production cuts and optimism about demand recovery in other countries. "The rally needs a breather. It has been four weeks of gains and the market needs to buy time for downstream prices to catch up," OCBC economist Howie Lee said.
Oil prices fall as U.S. fuel demand remains weak
KONTAN.CO.ID - SINGAPORE. Oil prices edged lower on Friday after U.S. inventory data showed lacklustre fuel demand in the world's largest oil consumer while worsening U.S.-China tensions weighed on global financial markets. Brent crude slipped 25 cents, or 0.7%, to $35.04 a barrel by 0334 GMT and U.S. West Texas Intermediate crude was at $33.18 a barrel, down 53 cents, or 1.6%. Still, both contracts are set for a fifth weekly gain, helped by production cuts and optimism about demand recovery in other countries. "The rally needs a breather. It has been four weeks of gains and the market needs to buy time for downstream prices to catch up," OCBC economist Howie Lee said.