LONDON—Oil prices dipped in a choppy trading session on Friday as global recession fears and weak oil demand, especially in China, outweighed support from a large cut to the OPEC+ supply target.
Brent crude futures were down 76 cents, or 0.8 percent, at $93.81 a barrel at 1044 GMT while U.S. West Texas Intermediate (WTI) crude futures fell 85 cents, or 1 percent, to $88.26.
The Brent and WTI contracts both oscillated between positive and negative territory on Friday but were down more than 4 percent over the week after two weeks of gains on concern over the global economy.
China, the world’s largest crude oil importer, has been fighting COVID-19 flare-ups after a week-long holiday. The country’s infection tally is small by global standards, but it adheres to a zero-COVID policy that is weighing heavily on economic activity and thus oil demand….