Oil gives up gains on fears of slowing global growth

Brent crude futures fell by about $1, or 0.9 percent, to $112.15 a barrel by 0900 GMT, after rising by 1 percent earlier today.

And Brent contracts incurred losses of more than 7 percent last week, recording its first weekly decline in 5 weeks.

US West Texas Intermediate crude contracts fell 0.6 percent, equivalent to 69 cents, to $ 108.87 a barrel, after it had risen by more than a dollar earlier. Over the course of the week, NYMEX lost more than 9 percent, its first decline in 8 weeks.

For his part, ING’s Head of Commodities Research, Warren Patterson, explained that macro factors are driving the decline in oil at the moment, not the fundamentals that remain supportive.

Oil from Russia, the world’s second largest oil exporter, is still out of reach for most countries due to Western sanctions over the crisis in Ukraine.

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