Oil falls as weak US economic data stokes recession fears
Oil fell on Thursday as weak U.S. economic data raised concerns over a potential global recession and demand reduction, but benchmark prices were headed for a weekly advance after OPEC+ announced further output cuts and U.S. oil stocks dropped, News.Az reports citing Reuters.
Brent crude futures fell 74 cents, or 0.9%, to $84.25 a barrel by 0344 GMT. West Texas Intermediate U.S. crude slid 73 cents, also 0.9%, to $79.88 a barrel.
Brent and WTI have both gained more than 5.5% so far this week, headed towards three straight weeks of increase, after the Organization of the Petroleum Exporting Countries and allies including Russia, a grouping known as OPEC+, pledged voluntary production cuts.