Oil sinks amid threats to demand growth, fading #Saudi supply concerns - Reuters

Oil sinks amid threats to demand growth, fading Saudi supply concerns - Reuters:

Oil prices fell on Friday as economic headwinds revived concerns of slowing global demand growth and a faster-than-expected recovery in Saudi crude oil output eased worries over potential major supply disruptions.

The International Energy Agency (IEA) said on Friday it may cut its growth estimates for global oil demand for 2019 and 2020, should the global economy weaken further.

“It will depend on the global economy. If the global economy weakens, for which there are already some signs, we may lower oil demand expectations,” IEA Executive Director Fatih Birol told Reuters.

Brent crude LCOc1 futures fell 55 cents, or 0.9%, from the previous session’s close to $62.19 a barrel by 0653 GMT.

U.S. West Texas Intermediate (WTI) crude futures CLc1 fell 30 cents, or 0.5%, to $56.11 a barrel.