25/10/2019
Oil prices fell on Friday, to give up some of the gains made from high spanned three days, while the pessimistic expectations of revived economic growth concerns about the prospects for fuel demand.
By at 06:42 GMT, Brent crude fell 18 cents, equivalent to 0.3 percent to $ 61.49 a barrel. After the global Brent crude rose nearly one percent on Thursday, it is heading towards a weekly gain by more than three percent.
The decline in US crude West Texas Intermediate 21 cents, or 0.4 percent, to $ 56.02 a barrel. Record crude rose 0.5 percent in the previous session and is heading for gains of more than 4 percent a week.
The strong weekly rally was supported by a sudden drop in US oil inventories and optimism that OPEC and its allies would do more to support prices.
Jeffrey said Haley senior market analyst at the Luanda "slowing global activity will decline in demand, so the fact that the oil hikes will be limited ... It will not take much command to pull the rug from under the feet of oil."
Economists predicted in a Reuters poll that it is more likely that there will be a further decline in global economic growth compared with a simultaneous recovery, even as several central banks carry out rounds of monetary easing.
Another Reuters poll of economists also found the recent truce in the US-China trade war was not an economic turning point and played no role in reducing the risk of the US sliding into recession in the next two years.
