Oil prices head for big weekly loss as supply fears wane - Reuters

Oil prices head for big weekly loss as supply fears wane - Reuters:

Oil prices fell on Friday and were heading for a weekly loss on a faster than expected recovery in Saudi output while slowing Chinese economic growth dampens the demand outlook.

Brent crude LCOc1 fell 93 cents to $61.81 a barrel by 1102 GMT while U.S. crude CLc1 sliped by 65 cents to $55.76. Both were down almost 4% over the week, representing WTI’s biggest weekly loss in 10 weeks and Brent’s biggest in seven. 


Brent and WTI were also hit by a Wall Street Journal report citing unnamed sources saying that Saudi Arabia had agreed a partial ceasefire in Yemen, said analysts in the Reuters Global Oil Forum.