Oil dips as trade dispute dents demand outlook
Oil prices dipped on Friday on worries that an escalating trade dispute between Washington and Beijing will stall economic growth and demand for fuel, even as renewed U.S. sanctions against Iran are expected to tighten supplies.
Front-month Brent crude oil futures LCOc1 were at $71.89 per barrel at 0621 GMT, down 18 cents, or 0.3 percent from their last close.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were down by 25 cents, or 0.4 percent, at $66.56 a barrel.
Prices eased on a possible slowdown in economic growth due to escalating trade tensions. the week, Brent is set for a near 2 percent fall, while WTI is heading for a drop of nearly 3 percent.
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