SINGAPORE :Oil prices dropped in Asia trade on Friday amid an uncertain demand outlook, though benchmark contracts were headed for weekly gains as recession fears eased.
WTI was heading for a weekly gain of more than 5 per cent, recouping about half of the previous week's loss. The trade-off for growth may continue to limit oil prices' upside, with key psychological resistance for Brent at the $100 a barrel level, Yeap added. "There's a great deal of uncertainty about demand in the short run. Until that settles, it will be like this for a while," said Justin Smirk, a senior economist at Westpac.
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