Oil heads for weekly loss as slowdown worries outweigh supply cuts

LONDON (Reuters) – Oil markets inched down on Friday and were heading for a weekly loss, pulled down by worries about a global economic slowdown, although OPEC-led supply cuts and U.S. sanctions against Venezuela provided crude with some support.

Weighing on financial markets were concerns that a trade dispute between the United States and China would remain unresolved, denting global economic prospects.

International Brent crude futures were down 14 cents at $61.49 per barrel at 0855 GMT. On the week, they are set for a loss of around 2 percent, the steepest weekly fall this year.

 

U.S. West Texas Intermediate crude futures stood at $52.46 per barrel, down 18 cents, and looking at a 5 percent weekly slump.

U.S. President Donald Trump said on Thursday that he did not plan to meet Chinese President Xi Jinping before a March 1 deadline set by the two countries to strike a trade deal.

If there is no agreement between the world’s two biggest economies, Trump has threatened to increase U.S. tariffs on Chinese imports.

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