Oil Headed for Weekly Loss Amid Demand Fears

by skolnes

Oil Headed for Weekly Loss Amid Demand Fears

Oil prices were on track for weekly losses of roughly 3%, pressured by a stronger U.S. dollar and worries about global demand growth.

Brent crude and WTI were both down 0.6% at $72.48 and $68.97 a barrel, respectively.

The U.S. dollar index jumped to its highest value since Nov. 22 after the Fed pared back its rate-cut outlook for next year, making commodities more expensive for holders of other currencies.

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