Oil is falling and heading towards recording weekly gains

Oil prices fell in early trading on Friday, February 10, but are heading towards recording political gains, as the market continues to oscillate between fears of a recession in the United States and hopes for a recovery in strong demand for fuel in China, the largest global importer.

By 01:17 GMT, Brent crude futures fell 28 cents, or 0.3%, to $84.22 a barrel, and West Texas Intermediate crude futures fell 35 cents, or 0.5%, to $77.71 a barrel.

This is due to the decline in prices, including due to a report yesterday, Thursday, which revealed that the number of US jobless claims increased more than expected last week, which raised fears of a recession.

The latest US inventory data also raised fears of a slowdown in the world’s largest economy, as inventories jumped to the highest level since June 2021.

However, Brent and West Texas Intermediate crude jumped by more than 5% this week, and compensated for most of last week’s losses, with the easing of fears related to a sharp rise in US interest in the future.