2019-09-28 | 03:20
[size=18]Oil prices closed lower on Saturday, while they suffered a weekly loss of more than 3%, driven by expectations of global demand for crude amid slowing Chinese economic growth.
Brent crude futures closed 88 cents, or 1.37 percent, at $ 61.88 a barrel, while Brent suffered a weekly loss of 3.7 percent over the week.
U.S. West Texas Intermediate (WTI) crude futures closed 24 cents, or 0.43 percent, at $ 56.17 a barrel, also posting a 3.6 percent weekly loss.
Prices are affected on a daily basis by the accelerating events in the oil-rich region of the Gulf States along with economic growth and trade war that erupted recently between the two largest economic giants, America and China .
Saudi Arabia topped the scene in a major upward shift in oil price fluctuations for most of the month on a daily and weekly basis after planes bombed oil areas, affecting the oil market and reflected on prices.