Oil in London fell for the first week in two months as signals of a patchy demand rebound across the globe and a stronger dollar held back crude’s rally.
Global benchmark Brent futures fell 0.6% on Friday. West Texas Intermediate also edged lower, posting its first weekly decline in three weeks. A fresh bout of bond volatility spurred a risk-off mood across markets, with U.S. equities declining and the dollar strengthening. Meanwhile, Indian fuel sales dipped in February amid higher pump prices, but demand has been climbing in the U.S. and the U.K.
“There was this bullish demand scenario out of Asia, in particular India, but that may be plateauing,” said John Kilduff, a partner at Again Capital LLC. Still, prices “are supported overall, with the OPEC+ disposition to hold back supplies.”
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