Oil prices decrease for second week in a row as supply fears recede

Oil prices fell on Friday and appeared headed for their second weekly loss, as traders worried about weakening demand in China and further hikes to U.S. interest rates.

Brent crude touched its lowest level since late September, and U.S. benchmark West Texas Intermediate crude dropped below $80 a barrel, at one point trading just above $77 a barrel.

Sources say China – the world’s biggest oil importer - is looking to slow crude imports as tight COVID-19 restrictions and a faltering economy have weakened fuel demand.

And aggressive rate hikes by the U.S. Federal Reserve to curb inflation can also rein in demand for oil.

The drop in oil prices comes despite a new round of supply cuts in November by OPEC+, which will meet again on Dec. 4th.