scorecardresearchOil Suffers Deep Weekly Loss as Concerns Over Demand Intensify

Oil Suffers Deep Weekly Loss as Concerns Over Demand Intensify

Updated: 05 Aug 2022, 02:59 PM IST
TL;DR.
Oil headed for the biggest weekly decline since early April on increasing evidence that a global economic slowdown is destroying demand, with prices near the lowest level in six months.
FILE PHOTO: A general view of the Phillips 66 Company's Los Angeles Refinery, which processes domestic & imported crude oil into gasoline, aviation and diesel fuels, in Carson, California, U.S., March 11, 2022. Picture taken March 11, 2022. Picture taken with a drone. REUTERS/Bing Guan/File Photo

FILE PHOTO: A general view of the Phillips 66 Company's Los Angeles Refinery, which processes domestic & imported crude oil into gasoline, aviation and diesel fuels, in Carson, California, U.S., March 11, 2022. Picture taken March 11, 2022. Picture taken with a drone. REUTERS/Bing Guan/File Photo