A man walks on a path in front of an oil derrick near the Huntington Beach Oil Fields on April 20, 2020 in Huntington Beach, California.
Michael Heiman | Getty Images
Oil slipped below $44 a barrel on Friday and was on course for its biggest weekly decline since June as weak demand figures added to concern over a slow recovery from the COVID-19 pandemic.
A U.S. government report showed that domestic gasoline demand fell in the latest week. Middle distillates inventories at Asia’s Singapore oil hub have soared above a nine-year high, official data showed..
Brent crude, the international benchmark, fell 41 cents, or 0.9%, to $43.66, heading for a 3% drop this week. West Texas Intermediate slipped 41 cents, or 1%, to $40.96, set for its first weekly drop in five.
“The bigger market picture is overall bearish sentiment that kicked off with lower gasoline demand reports