Oil falls for second day, shrinks weekly gains

Oil prices fell for the second straight day as investors continue to assess concerns about the possibility of US recession and hopes for a strong demand recovery in China.

The latest US oil stocks data released this week raised concerns about a slowdown in the world's largest economy, as oil stocks jumped to their highest levels since June 2021.

This week, Fed officials announced further tightening of monetary policy to combat inflation.

Brent futures for April delivery traded 0.5% lower at $84.08 a barrel, at 9:02 am Makkah time.

West Texas Intermediate (WTI) crude for March delivery fell 0.58%, or 45 cents, to reach $77.61 a barrel.