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Oil Posts Biggest Weekly Loss Since April On Demand Concerns

  • US data show weaker gasoline consumption and higher stockpiles
  • Libya has restored output and exports to ease market tightness
Bloomberg business news
Oil Still Set to Top $120 by Year-End: Energy Aspects
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Oil posted the biggest weekly decline since early April on growing signs that a global economic slowdown is curbing demand. Prices are near the lowest level in six months.

West Texas Intermediate settled at $89 a barrel, ending the week nearly 10% lower. US gasoline consumption has dropped, stoking demand concerns, while low liquidity has added to volatility. Supplies from Libya also picked up, helping to shrink key oil futures time-spreads and ease the tightness in the market.