Oil flat on the week as global slowdown worries offset U.S. demand

Oil was little changed on the week as lingering concerns over a global economic slowdown overshadow signs of improving U.S. demand.

West Texas Intermediate futures swung between gains and losses on Friday and traded near US$91 a barrel on Friday in another choppy session.

US gasoline demand is picking up after pump prices tumbled and OPEC’s new secretary-general sounded a warning over “scarce” spare oil-production capacity, but concerns about weakening economic growth around the world continue to daunt the market. Expectations for growth in supply amid Iran nuclear talks have also weighed on prices. 

“Crude will be very choppy and volatile until we get clarity on how that plays out,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Management.