Oil prices post weekly loss as supply fears wane - Reuters

Oil prices post weekly loss as supply fears wane - Reuters:

Oil prices fell on Friday and posted a weekly loss on a faster-than-expected recovery in Saudi output, while investors also worried about global crude demand amid slowing Chinese economic growth.

During a volatile session, Brent crude LCOc1 futures fell 83 cents, or 1.3%, to settle at $61.91 a barrel, after dropping to a session low of $60.76 a barrel.

U.S. West Texas Intermediate (WTI) crude CLc1 futures fell 50 cents, or 0.9%, to settle at $55.91 a barrel. It hit a session low of $54.75 a barrel.

Brent fell 3.7% for the week, its biggest weekly loss since early August. WTI lost 3.6%, its steepest loss since mid-July.