Brent is on its way to recording its first weekly loss in 7 weeks



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Oil prices fell on Friday, with Brent crude on the verge of recording its first weekly loss in seven weeks, as demand for oil products in the power generation sector slowed amid falling coal and gas prices.

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Brent crude futures fell 0.6 percent to $84.11 a barrel, by 06:45 GMT, after falling $1.21 in the previous session.

Brent touched a three-year high of $86.10 on Thursday, but was on track to fall 0.9 percent this week, its first weekly decline since September 3, 2021.

West Texas Intermediate crude futures fell 0.6 percent to $82.01 a barrel, after losing 92 cents yesterday.

“Oil saw some correction in commodity selling amid renewed fears of the coronavirus and expectations of a milder winter in the United States,” said Ravindra Rao, vice president of commodity management at Kotak Securities.

Oil markets hit multi-year highs this week on fears of coal and gas shortages in China, India and Europe, prompting a shift to diesel and fuel oil for power generation.

Source: Reuters


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