Brent Crude Set for 3% Weekly Drop

Brent Crude Oil : traded lower at around $95 per barrel on Friday, and are set to fall more than 3% this week.

As concerns about a global economic slowdown outweighed signs of more robust short-term fuel demand.

Recession fears continued to grip commodity markets, with the US Federal Reserve intent on raising interest rates further to curb inflation.

On the supply side, investors balance Russia’s gradual increase of output against bans by the European Union on Russian seaborne crude in December and on products imports early next year.

Oil prices hit 6-month lows this week also pressured by efforts to revive the 2015 nuclear deal that could boost Iranian oil exports by about 2.5 million bpd. In the previous two sessions,

however, oil prices gained about 4% after official data pointed to falling US crude inventories and higher gasoline demand, with the nation exporting a record 5 million bpd of oil last week amid strong European demand

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