Benchmark crude has lost about one-sixth of their value over the past four weeks (Getty Images)
Oil prices are heading for their fourth straight week of decline, following a 5% drop in crude prices on Thursday, hitting a four-month low, amid concerns about global demand.
Oil prices remained little changed during early Asian trading on Friday, with Brent crude futures settling at $77.45 a barrel by 7:48 GMT, while U.S. West Texas Intermediate crude rose slightly to $72.97.
The two benchmarks have lost about a sixth of their value over the past four weeks.
Analysts said the recent price drop was also likely to prompt Saudi Arabia to extend oil production cuts until 2024.
Both the Organization of the Petroleum Exporting Countries and the International Energy Agency forecast supply shortages in the fourth quarter, but some important economic data released around the world this week showed demand remained below expectations.
This week's drop in oil prices was mainly due to a sharp rise in U.S. crude inventories and continued production at record levels, which analysts say has raised fears of weakening demand in the world's top oil consumer amid rising output.
Commodity research firm JPMorgan said on Friday that tracking global oil demand showed average demand was 101.6 million bpd in the first half of November, 200,<> bpd below its forecast for the month.
Source: Reuters