Oil prices retrace losses but head for weekly dip | Reuters

Oil prices retrace losses but head for weekly dip | Reuters

Oil prices were broadly stable on Friday, retracing earlier losses, but were headed for weekly losses as concerns about a global economic slowdown weighed amid soaring inflation rates.

Brent crude futures were down 13 cents, or 0.1%, at $96.46 a barrel at 1339 GMT. U.S. West Texas Intermediate crude was at $90.78 a barrel, up 28 cents, or 0.3%.

Both benchmark contracts were headed for weekly losses of around 1.5%.

Giving a floor to prices on Friday, U.S. crude inventories fell sharply as the nation exported a record 5 million barrels of oil a day in the most recent week, with oil companies finding demand from European nations looking to replace Russian crude.

Haitham Al Ghais, the new secretary general of the Organization of the Petroleum Exporting Countries, told Reuters he was optimistic about oil demand into 2023. read more