LONDON—Oil prices declined towards $74 a barrel on Friday and were on course for a fourth consecutive quarter of losses amid concerns over sluggish global economic activity and fuel demand.
Benchmark Brent crude futures for September delivery were down 5 cents, or 0.1 percent, at $74.46 a barrel by 1120 GMT after earlier rising by over 1 percent. The less-traded front-month contract, which expires on Friday, was up 16 cents at $74.50.
The contract was on track for a near 7 percent decline in the three months to the end of June, marking a fourth straight quarterly decline. Prices are at their lowest in 2 years.
U.S. West Texas Intermediate crude (WTI) was down 11 cents or 0.2 percent to $69.75. The contract is down nearly 8 percent on a quarterly basis, its second consecutive quarterly drop….