Oil heads for weekly loss as growth fears trump supply tightness

Investors remain concerned that restrictive US monetary policy could herald a recession, and oil has been dragged lower alongside other commodities

West Texas Intermediate was below $103 (€101.36) a barrel, putting the US benchmark on course for a weekly fall of more than 5%.

Oil is set for a weekly loss after choppy trading in which concerns over a demand-sapping slump clashed with signals of tight supply.

West Texas Intermediate was below $103 (€101.36) a barrel, putting the US benchmark on course for a weekly fall of more than 5%. Prices have swung in a range of more than $16 (€15.75) this week, which saw both WTI and Brent briefly drop below $100 (€98.41).