Oil market extended losses on deepening demand concerns
Investors overlooked the fact that Saudi Arabia is set to cut production output by another 1 million barrels per day in July while US commercial crude inventory surprisingly fell 3.8 million barrels last week.
International benchmarks for crude oil ended the week lower on Friday, 23 June 2023 following a series of interest rate hikes by central banks in Europe, including the Bank of England, Norway and Switzerland that threaten to curtail demand further.
Investors overlooked the fact that Saudi Arabia is set to cut production output by another 1 million barrels per day in July while US commercial crude inventory surprisingly fell by 3.8 million barrels last week.
Brent crude was down 29 cents or 0.4% at $73.85/barrel.
West Texas Intermediate recorded a drop of 35 cents or 0.5% at $69.16/barrel.