Oil prices claw back some ground, but demand worries drag


Oil prices claw back some ground, but demand worries drag

Oil on Friday clawed back some of its losses from the previous session when prices fell the most in a month, although worries that emerging market crises and trade disputes could dent demand continued to drag.

Brent crude was up 23 cents, or 0.3 per cent, at $78.41 a barrel by 0122 GMT, after falling 2 per cent on Thursday. The global benchmark the day before rose to its highest since May 22 at $80.13 a barrel.

US light crude was up 27 cents, or 0.4 per cent, at 68.86, after dropping 2.5 per cent on Thursday.

The International Energy Agency on Thursday warned that although the oil market was tightening at the moment and world oil demand would reach 100 million barrels per day (bpd) in the next three months, global economic risks were mounting. Read More

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