Oil Prices Slip Over Concerns Of Global Economic Slowdown


TOKYO – Oil prices dipped on Friday, with U.S. crude heading for a seventh weekly decline amid increasing concerns about slowing global economic growth that could hit demand for petroleum products as inventories build.

Brent crude oil futures LCOc1 were down 9 cents at $71.34 a barrel by 0649 GMT. U.S. West Texas Intermediate (WTI) crude futures CLc1 dropped 5 cents to $65.41 a barrel.

Brent is heading for a 2 percent decline this week, a third consecutive weekly drop. WTI is on track for a seventh week of losses, with a fall of more than 3 percent.

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