Oil heads for weekly decline on demand concerns amid tight supply; Brent retreats to $92/bbl
Oil prices rose on Friday, September 22, as a hawkish stance by the US central bank fueled fears of slowing demand, which outweighed supply concerns stemming from a ban of Russia on the export of fuel.
Brent futures were down 32 cents, or 0.4 percent, at $92.95 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell 23 cents, or 0.3 percent, to $89.41 a barrel. For the week, both benchmarks were set for a decline of more than 1 percent. In the previous three weeks, they rose more than 10 percent on concerns about tight supply, according to the Reuters news agency.
Back home, on the Multi Commodity Exchange (MCX), crude oil futures due to expire on October 19 were last traded at ₹7,483 per bbl, after swinging between ₹7,420 and ₹7,580 per bbl during the session so far, compared to previous close ₹7,483 per barrel.
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Updated: 22 September 2023, 10:38 PM IST
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