Middle distillates inventories in Singapore have soared above a nine-year high, official data shows
London — Oil held at about $44 a barrel on Friday and was heading for its biggest weekly decline since June, as weak demand figures added to concerns of a slow recovery from the Covid-19 pandemic.
Brent crude, the international benchmark, was up five US cents, or 0.1%, to $44.12 at 7.45am GMT, heading for a 2.3% drop this week. US West Texas Intermediate fell 3c to $41.34, set for the first weekly drop in five weeks. “Demand concerns are firmly front and centre of traders' minds,” said Stephen Brennock of oil broker PVM. “Today’s nonfarm US payroll report will be closely watched and a disappointing number could be the next bearish catalyst.”
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