Oil declines for fourth consecutive week on persistent demand concernsBloombergOil on Friday slumped near US$70 to mark a fourth-straight week of losses as concerns about demand growth persist. West Texas Intermediate for June delivery fell 1.17 percent to US$70.04 per barrel, down 1.82 percent from the previous week. Brent crude for July delivery fell 1.08 percent to US$74.17 per barrel, down 1.5 percent for the week. However, a strong dollar on Friday, which makes oil more expensive for holders of other currencies, wiped out those gains. Over the week, oil has been pressured by the physical market showing signs of weakness amid poor refining margins and lackluster buying in some areas.

Source: Taipei Times May 14, 2023 03:32 UTC