Oil headed for third weekly decline on global demand concerns; Brent ticks higher to $81/bbl
Live MintOil prices rose on Friday but are set to fall for a third week amid signs of slowing demand and as market attention turns to a key meeting of OPEC and its allies this month which will determine the group's next move on production. Back home, on the Multi Commodity Exchange, crude oil futures due for a November 17 expiry, was last trading higher by 1.22 per cent at ₹6,450 per bbl, having swung between ₹6,330 and ₹6,472 per bbl during the session so far, against a previous close of ₹6,372 per barrel. -US WTI rose 1.7 per cent to trade around $77 a barrel on Friday as broader financial markets recovered from Federal Reserve Chair Jerome Powell’s comments that officials won’t hesitate to tighten policy more. Crude oil prices have experienced a significant downturn, plummeting by nearly 10 per cent over the past eight days. On Wednesday, the price of Brent crude dropped below $80 per barrel for the first time since July, driven by mounting concerns about demand due to the lackluster economic outlook in China and Europe.