Oil prices fall, record weekly losses of over 8%

Oil rigs

Oil prices dropped, on Friday, Jan. 6, amid worries about global demand for crude.

However, the oil market failed to maintain its weekly gains after data showed a decline in the US unemployment rate to its lowest since 1969 but amid slow wage growth.

A separate report showed that the services activity in the US contracted for the first time since 2020, signaling weakness in the US economy.

The oil market witnessed a significant decline this week, due to fears about weak crude demand and concerns about an economic recession and developments of the epidemic in China.

Brent crude for March delivery traded 0.2%, or 12 cents, lower at $78.57 a barrel, with weekly losses of 8.5%.

Meanwhile, West Texas Intermediate for February delivery advanced 0.1%, or 10 cents, to $73.77 a barrel, with a loss of 8.1% this week.