LONDON—Oil prices fell on Friday as recession fears clouded the demand outlook yet remained on track for a weekly rise.
Brent crude futures were down $1.15, or 1.2 percent, to $98.45 a barrel 1110 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell $1.48 or 1.6 percent to $92.86 a barrel.
Brent was on track to rise nearly 4 percent this week after last week’s 14 percent tumble, its biggest weekly decline since April 2020 amid fears that rising inflation and interest rate hikes will hit economic growth and demand for fuel.
Uncertainty capped price gains as the market absorbed contrasting demand views from the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA)….