scorecardresearchOil Heads for Weekly Loss as Growth Fears Trump Supply Tightness

Oil Heads for Weekly Loss as Growth Fears Trump Supply Tightness

Updated: 08 Jul 2022, 12:19 PM IST
TL;DR.
Oil is set for a weekly loss after choppy trading in which concerns over a demand-sapping slump clashed with signals of tight supply.
A general view of the refinery at the state oil company, Sonangol, in Luanda, on June 7, 2022. - Oil-rich Angola on Thursday unveiled a new production unit that will increase fourfold the output at its sole refinery as it seeks to reduce dependency on fuel imports.
The new plant will bump up Angola's fuel production to 1,580,000 litres a day, contributing to a 15 percent reduction in annual imports, according to state oil company Sonangol. (Photo by AFP)

A general view of the refinery at the state oil company, Sonangol, in Luanda, on June 7, 2022. - Oil-rich Angola on Thursday unveiled a new production unit that will increase fourfold the output at its sole refinery as it seeks to reduce dependency on fuel imports. The new plant will bump up Angola's fuel production to 1,580,000 litres a day, contributing to a 15 percent reduction in annual imports, according to state oil company Sonangol. (Photo by AFP)