Tokyo — Oil prices fell on Friday, with US crude heading for a seventh weekly decline amid increasing concern about slowing global economic growth that could hit demand for petroleum products as inventories build. Brent crude oil futures were down 3c at $71.40 a barrel by 2.29am GMT. US West Texas Intermediate (WTI) crude futures dropped 1c to $65.45 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%. Data on Wednesday showing a large build in US inventories fostered fears about the outlook for fuel demand, while crude was also pressured by broader selling of industrial commodities and by the Turkish financial crisis. "Investors remain cautious as Wednesday’s surprise gain in US stockpiles remained fresh in their minds," ANZ said in a note. China and the US have implemented several rounds of trade tariffs and threatened further duties on exports worth hundreds of billions o...
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