Oil prices slipped for a third consecutive day on Friday, heading for a weekly decline as investors reacted to anticipated increases in output from Libya and the wider OPEC+ coalition. However, fresh stimulus measures from China, the world’s largest oil importer, helped mitigate some losses.
As of 04:33 GMT, Brent crude futures decreased by 20 cents, or 0.28 percent, settling at $71.40 per barrel. Meanwhile, U.S. West Texas Intermediate crude futures fell by 14 cents, or 0.21 percent, to $67.53. For the week, Brent crude is projected to decline by 4 percent, while WTI is on track for a 6 percent drop.
China’s economic measures
On Friday, China’s central bank cut interest rates and infused liquidity into the banking system as part of efforts to boost economic growth towards the approximately 5 percent target for the year and combat deflationary pressures. Additional fiscal measures are anticipated ahead of China’s holidays starting on October 1, following a meeting among the Communist Party’s senior leaders that highlighted a growing urgency regarding economic challenges, according to Reuters.
Read more: Oil prices steady amid Libyan production hopes, strong U.S. demand
Developments in Libya
In a related development, competing factions claiming control of the Central Bank of Libya reached an agreement on Thursday to resolve their conflict. This dispute had significantly impacted oil production and exports in Libya, which have plummeted to 400,000 barrels per day this month, down from over 1 million barrels last month.
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