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Asharq Al-Awsat

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Asharq Al-Awsat

Oil Headed for Worst Weekly Drop since Feb on US Slowdown Fears

Oil United States The United States Economic Growth US Federal Reserve

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US, November 22, 2019. REUTERS/Angus Mordant/File Photo/File Photo

Oil fell for a fourth session on Friday, heading for its biggest weekly loss in five weeks on worries about the prospect of steep interest rate hikes in the United States slowing economic growth and hitting fuel demand.

Brent dipped 39 cents, or 0.5%, to $81.20 a barrel by 0745 GMT. US West Texas Intermediate crude (WTI) was down 58 cents, or 0.8%, at $75.14, Reuters reported.

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