Oil Prices Edge Lower, Set for Weekly Losses
Singapore, October 17 (QNA) – Oil prices edged lower in early trading on Friday, heading for weekly losses as concerns over rising supply outweighed signs of tightening fuel inventories.
Brent crude futures slipped 8 cents, or 0.13%, to $60.98 per barrel, while US West Texas Intermediate (WTI) eased 9 cents, or 0.16%, to $57.37.
Both benchmarks are on course for about 3% weekly declines, pressured by expectations from the International Energy Agency (IEA) of ample global supply next year.
Prices had already fallen by more than 1% on Thursday after data from the US Energy Information Administration (EIA) showed US crude inventories rose by 3.5 million barrels to 423.8 million barrels last week, while gasoline and distillate stocks fell, adding downward pressure on prices.
Analysts said the market remains cautious as investors weigh higher supply forecasts against uncertain demand growth and geopolitical risks. (QNA)