Oil prices set for steepest weekly drop in 3 months

London, May. 3 (BNA): Oil prices edged higher on Friday yet remained on course for their steepest weekly loss in three months weighed by concerns about demand and high interest rates.

Brent crude futures for July rose 43 cents, or 0.5%, to $84.10 a barrel by 1200 GMT. U.S. West Texas Intermediate crude for June was up 34 cents, or 0.4%, to $79.29 per barrel.

Both benchmarks are set for weekly losses as investors are concerned higher-for-longer interest rates will curb economic growth in the U.S., the world’s leading oil consumer, as well as in other parts of the world, Reuters reported.

Brent was on course for a weekly decline of about 6%, and WTI for a loss of 5.4% on the week.


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