Oil falls on fears of global slowdown but OPEC cuts give support
Oil markets fell on Friday on fears of a global economic slowdown, although OPEC-led production cuts and US sanctions on Venezuela gave crude some of the support.
US West Texas Intermediate crude futures were $ 52.24 a barrel by 0641 GMT, down 40 cents, or 0.8 percent, from the previous settlement. Crude fell 2.5 percent in the previous session.
Brent crude futures were up 41 cents, or 0.7 percent, to $ 61.22 a barrel, after falling 1.7 percent in the previous session.
Pressure on financial markets, including oil futures markets, has worried that prospects for global economic growth have been undermined by fears that trade disputes between the United States and China will remain unresolved.
US President Donald Trump said Thursday he had no intention of meeting his Chinese counterpart, Xi Jinping, before March 1, the deadline set by the two countries for a trade deal.