Oil prices failed to maintain yesterday's bullish momentum as markets anticipate a drop in demand in Q4 from both the US and Europe. Is WTI finally heading back to the 80.00 mark?
Crude Oil Prices Fall: On Friday, Brent futures were down 47 cents, or 0.56%, at USD 83.60 at 1411 GMT, while U.S. West Texas Intermediate crude futures were down 55 cents, or 0.67%, at USD 81.76.
Brent and WTI futures were on course for almost 12% and 10% week-on-week declines, respectively, on Friday, as concerns that higher for longer interest rates will slow global growth and hammer fuel demand offset announcements by Saudi Arabia and Russia confirming voluntary supply cuts to the end of the year.