Oil Prices Dip in Asian Trade as Demand Concerns Persist
Oil prices experienced a slight decrease in Asian trade on Friday as worries over slowing demand continued to weigh them down. The International Energy Agency (IEA) issued a warning, and weak economic readings added to the concerns. However, despite volatile swings throughout the week, crude prices were still set for mild weekly gains. A drop in the value of the US dollar provided some relief to oil prices after the currency fell sharply from three-month highs, following weak US data. The focus now shifts to US inflation data, due later in the day, which will provide more cues on the direction of interest rates. Earlier in the week, stronger-than-expected data had largely removed the possibility of early interest rate cuts by the Federal Reserve.
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