Oil prices slide 3% as supply fears recede
Oil dropped by more than $2 a barrel on Friday, on track for a second weekly decline, due to concern about weakened demand in China and further increases to U.S. interest rates, News.az reports.
Brent crude was down $2.82, or 3.1%, at $86.96 a barrel by 1:20 p.m. EST (1820 GMT), having touched its lowest level since Sept. 28 at $85.80. U.S. West Texas Intermediate (WTI) crude was down $2.63, or 3.2%, at $79.01.
Both benchmarks are heading for a second weekly loss, with Brent on track for a decline of about 9% and WTI heading for a setback of 10.5%.