Oil prices have dipped today, with US crude heading for a seventh weekly decline amid increasing concerns about slowing global economic growth that could hit demand for petroleum products as inventories build.
Brent crude oil futures were down 9 cents at $71.34 a barrel by 7.49am Irish time. US West Texas Intermediate (WTI) crude futures dropped 5 cents to $65.41 a barrel.
Brent is heading for a 2% decline this week, a third consecutive weekly drop. WTI is on track for a seventh week of losses, with a fall of more than 3%.
Traders said the main drags on prices were the darkening economic outlook due to trade tensions between the United States and China, and weakening currencies in emerging economies that are weighing on growth and fuel consumption.
US investment bank Jefferies said there was an emerging "lack of demand" for crude oil and refined products.
Singaporean bank DBS said Chinese data showed a "steady decline in activities" and that "the economy is facing added headwinds due to rising trade tensions with the US".
Also, just as demand seems to be slowing, supply may be rising, increasing the drag on markets.
US government data this week showed a large build in crude inventories, and production also rose.
"Investors remain cautious as Wednesday's surprise gain in US stockpiles remained fresh in their minds," ANZ bank said.
