Oil Prices on Track for Weekly Loss as Demand Pessimism Dominates Markets

Crude oil prices were on track for yet another weekly loss earlier today as pessimism about demand growth in China continued to dominate markets. At the time of writing Brent crude was trading at $72.45 per barrel and West Texas Intermediate was changing hands for $69.91 per barrel, both down from opening in Asia. Reuters reported the benchmarks could end the week some 3% lower than they started it. The big reason for the decline was the latest demand forecast about China, issued earlier in the week by its very own Sinopec. The company said oil…