Brent and WTI Futures Headed for Weekly Loss on Concerns Over Reduced Fuel Demand
Oil prices were stable on Friday but set for a weekly loss due to concerns about demand and Russia's partial lifting of its fuel export ban. Brent and WTI futures are expected to decline by approximately 12% and 9% respectively, driven by worries about global growth, reduced fuel demand, and the US budget deficit. However, the oil market is expected to remain tight in the short-term, attracting buyers. Investors are also watching the US jobs report and the European Central Bank's stance on interest rate hikes.
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00:00 It's Benzinga and here's what's on the block.
00:02 Oil prices remain steady on Friday but are heading for a weekly decline.
00:06 This drop is due to worries about demand in Russia partially allowing fuel exports.
00:11 Brands and WTI futures are likely to fall by around 12% and 9%, driven by concerns of
00:16 global economic growth, decreased fuel usage and the US budget deficit as well.
00:21 Despite these concerns, the oil market is expected to stay tight in the near future,
00:25 which will draw in buyers.
00:27 Additionally, investors are keeping an eye on the US jobs report and the European Central
00:31 Bank's position on interest rate hikes.
00:33 For all things money, visit Benzinga.com
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