Oil prices rise

SINGAPORE. — Oil prices rose on Friday but remained on track for a second consecutive weekly loss after sliding on fears that slower global economic growth would hurt energy demand.

Benchmark Brent crude LCOc1 rose 42 cents, or 0,7 percent, to $58,13 a barrel by 1146 GMT. US West Texas Intermediate (WTI) crude CLc1 rose 10 cents, or 0,2 percent, to $52,55.

However, Brent was down 6,1 percent on the week while US crude had lost 6 percent, representing the biggest weekly losses since July.

“Both are on track for hefty weekly losses and it will take a brave man to bet against the bearish tide,” said Stephen Brennock of oil broker PVM.

“As things stand, demand and supply-side developments are anything but supportive and there can be no happy ending for those of a bullish disposition.”

Weak US service sector and jobs growth data on Thursday added to worries about global oil demand and exacerbated fears that a protracted US-China trade war could push the global economy into recession. Investors are now awaiting a further steer from US non-farm payrolls data due on Friday. — Reuters.

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