Oil prices have stabilized today, Friday, although both benchmarks are moving towards a weekly decline amid fears of a weak economic outlook in China, Europe and the US, which could affect oil demand.
By 1216 GMT, Brent futures were trading at $76.20 a barrel, up five cents. This week, Brent oil recorded its lowest level in 2022, while US West Texas Intermediate oil rose 42 cents to $71.88 a barrel.
Both benchmarks will suffer weekly losses of about 10 percent each, which is their worst weekly percentage loss since August and April, respectively.
News that Canadian company TC Energy’s Keystone pipeline in the US had been shut down by a leak led to a short-term rally on Thursday, but prices eventually eased as the market decided the shutdown would not last long.
The market ignored the accumulation of oil tankers that the Turkish authorities did not allow to cross from the Black Sea to the Mediterranean.
In China, economists have said high numbers of coronavirus infections are likely to slow economic growth over the next few months despite easing some restrictions, leading to a recovery later in 2023.
