Oil declines, ending three-day rally as growth concerns return - Reuters

Oil declines, ending three-day rally as growth concerns return - Reuters:

Oil prices pulled back on Friday, retracing some of the gains of a three rally on Friday, as downbeat economic growth forecasts revived concerns over the outlook for fuel demand.

Brent crude LCOc1 was down 18 cents, or 0.3%, at $61.49 by 0642 GMT. Having risen nearly 1% on Thursday, the global benchmark was still set for a weekly gain of more than 3%.

West Texas Intermediate (WTI) crude CLc1 was down 21 cents, or 0.4%, at $56.02. The U.S. benchmark rose 0.5% in the previous session and was on track for a gain of more than 4% over the week.

The strong weekly rise was underpinned by a surprise decline in U.S. inventories of crude and optimism about more efforts to support prices by OPEC and its allies.