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Oil prices fall amid concerns about global economic growth

BAGHDAD, Oil prices fell on Friday, with US crude heading for a seventh straight decline amid rising concerns about a slowdown in global economic growth that could limit demand for oil as stocks pile up.

The Brent crude futures contract fell 3 cents to $ 71.40 a barrel at 00229 GMT, the economic bulletin told Reuters. US crude futures fell 1 cents to $ 65.45 a barrel.

Brent is down 2 percent this week, its third weekly drop in a row. US crude is on its way to losses for the seventh week, with a drop of more than 3 percent.

Wednesday's data showed a sudden surge in US crude inventories, fueling worries about fuel demand expectations, as crude was under pressure from a sell-off in industrial commodities such as copper and Turkey's financial crisis.

"Investors are still wary as the sudden increase in US inventories on Wednesday is still in their minds," ANZD said in a note.

China and the United States have traded customs duties on goods and products and have threatened to impose other charges on billions of dollars worth of exports, which could affect global economic growth.

At the same time, the turbulent Turkish crisis has shaken emerging markets and their effects have spread across equity, bond and raw materials markets.

US crude oil production rose by 100,000 bpd to 10.9 million bpd in the week ending Aug. 10, US data showed on Wednesday. US oil inventories rose 6.8 million barrels, the biggest weekly increase since March last year.

Asian demand is showing signs of slowing as the economies of some of the world's biggest oil buyers have been hit by trade disputes and the strength of the dollar.

Source: National Iraqi News Agency