Oil heads for weekly loss as growth fears trump supply tightness

Oil prices are set for a weekly decline following concerns over limited demand and indications of tight supply.

Photo: Jae C. Hong/AP/Ritzau Scanpix

Oil is set for a weekly loss after choppy trading in which concerns over a demand-sapping slump clashed with signals of tight supply.

West Texas Intermediate was below USD 103 a barrel, putting the US benchmark on course for a weekly fall about 5%. Prices have swung in a range of more than USD 16 this week, which saw both WTI and Brent briefly drop below USD 100.

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