Oil lower on demand concerns, but tight supply caps downside – Reuters
- Date: 17-Jun-2022
- Source: Reuters
- Sector:Financial Markets
- Country:UAE
Oil lower on demand concerns, but tight supply caps downside – Reuters
SINAGPORE, June 17 (Reuters) - Oil prices edged lower on Friday as demand concerns emerged following this week's rate hikes, although persisting supply tightness and new sanctions on Iran limited the downside.
Brent crude futures fell 35 cents, or 0.3%, to $119.46 a barrel at 0620 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell to $117.16 a barrel, down 43 cents, or 0.4%.
If losses hold through the day, Brent futures would post their first weekly dip in five weeks, while U.S. crude futures would see their first decline in eight weeks.
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