Oil prices on track for big weekly fall as focus shifts to demand fears

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Oil prices on track for big weekly fall as focus shifts to demand fears
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William Watts is MarketWatch markets editor. In addition to managing markets coverage, he writes about stocks, bonds, currencies and commodities, including oil. He also writes about global macro issues and trading strategies. During his time at MarketWatch, Watts has served in key roles in the Frankfurt, London, New York and Washington, D.C., newsrooms.

Oil futures traded near unchanged early Friday, but were on track for big weekly declines as investors shifted their focus away from tightening supplies after signs a surge toward $100 a barrel was destroying demand.

Price action Market drivers Oil has pulled back hard after WTI last week briefly topped $95 a barrel for the first time since August 2022 and Brent moved within a few dollars of the $100 threshold.

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