Oil slips on concerns over global growth, profit booking
Oil prices declined on Friday as concerns over China’s economic growth and the continued political deadlock in the US weighed on investor sentiment. A little bit of profit taking also pulled the prices down.
By 09:55 pm Riyadh local time, Brent Crude futures were down 2.17 percent to $60.34 a barrel, while WTI crude futures were down by 2.13 percent to $51.47 a barrel.
“Oil hits new highs and heads for a significant weekly gain, prices have almost reached the $53 area which brings our target of $54 in focus sooner than expected,” Konstantinos Anthis, Head of Research at ADSS noted in his report.