Oil falls 3%, posts weekly drop on demand concerns

Brent crude, the international benchmark, fell US$1.41, or 3.2%, to settle at $42.66 a barrel. U.S. West Texas Intermediate (WTI) fell $1.6, or 3.9%, to settle at $39.77 a barrel. Brent fell 5.3% from last week, while WTI lost 7.4%.

NEW YORK: Oil prices fell more than 3% on Friday and posted their biggest weekly decline since June as fears of a slow economic recovery from the COVID-19 pandemic compounded worries about weak oil demand.

Brent crude, the international benchmark, fell US$1.41, or 3.2%, to settle at $42.66 a barrel. U.S. West Texas Intermediate (WTI) fell $1.6, or 3.9%, to settle at $39.77 a barrel.