Oil set for worst run this year as recession fears rattle market

Oil headed for a third consecutive weekly decline, the longest losing run this year, as slowdown concerns and turmoil in the US banking sector prompted investors to flee from risk.

State-controlled Saudi Aramco cut all official selling prices for Asia in June. The company’s key Arab Light grade was reduced to $US2.55 a barrel above the regional benchmark, 25US¢ less than the price for this month. “While sentiment is negative at the moment, the market is in oversold territory and our balance sheet still shows that the market will be in deficit over the second half of the year, which should drive prices higher,” said Warren Patterson, head of commodities strategy for ING Groep.

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