SINGAPORE - Oil futures were higher ahead of the weekend but remained on track for large weekly losses on fears that slower global economic growth will hurt fuel demand, even as Saudi Arabia said it has fully restored oil output after recent attacks.
“Today in Asia I believe we are seeing some pre-weekend buying, mostly as a risk hedge against anything happening in the Middle East over the weekend,” said Jeffrey Halley, a senior market analyst at OANDA in Singapore. Weak U.S. services sector and jobs growth data on Thursday added to worries about global oil demand and exacerbated fears that a protracted U.S.-China trade war could push the global economy into a recession.
NO explanation for U.S. shale oil drilling reduction (hurricanes, rising seas, Borg attacks) other than ... possibly just trying to artificially keep American oil prices high for ... what else? PROFIT
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