Oil sinks amid fears that slowing global economic growth could hit demand

Oil prices fell on Friday, with US crude heading for a seventh weekly decline amid increasing concerns about slowing global economic growth that could hit demand for petroleum products. Brent crude oil futures were down 5 cents at $71.38 a barrel by 0050 GMT. US West Texas Intermediate (WTI) crude futures dropped 4 cents to $65.

42 a barrel. Brent is heading for a 2 per cent decline this week, a third consecutive weekly drop. WTI is on track for the seventh week of losses, with a fall of more than 3 per cent. Data on Wednesday.

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