Oil prices dipped on Friday after two days of gain, as market participants weighed worries about global economic slowdown — that could dampen fuel demand — against expectations of tighter supplies toward year-end.
Brent crude futures fell 36 cents, or 0.4 percent, to $96.23 a barrel by 0309 GMT after settling 3.1 percent higher on Thursday. US West Texas Intermediate crude was at $90.29 a barrel, down 21 cents, or 0.2 percent, following a 2.7 percent increase in the previous session.
Still, the benchmark contracts were headed for weekly losses of about 1.5 percent.
While bullish US weekly data bolstered optimism for improved fuel demand for the near-term, lingering recession fears and a possible increase in output by OPEC+ will likely limit oil price’s upside, said Satoru Yoshida, a commodity analyst with Rakuten Securities.
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