Oil retreats as demand concerns weigh, tracking for steep weekly losses

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Fri, 2022-11-18 11:10

MELBOURNE: Oil pared early gains and was on track for a steep weekly decline on concerns about weakening demand in China and further interest rate rises by the US Federal Reserve, according to Reuters.

Brent crude futures had edged lower by 13 cents or 0.1 percent to $89.65 a barrel by 0737 GMT, and were not far off four-week lows of $89.53 hit in the previous session.

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