# Oil posts second weekly decline as demand concerns overshadow Saudi cut | Reuters

> Oil fell for a second straight week, with Brent settling down $1.17 at $74.79 a barrel and WTI down $1.12 at $70.17. Disappointing Chinese economic data weighed on sentiment despite the Saudi output cut.

- Date: 2023-06-09 · published 2023-06-09T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/35657-oil-posts-second-weekly-decline-as-demand-concerns-overshadow-saudi-cut-reuters
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Weak Chinese demand signals reduce crude support, easing energy and transport costs for feed producers.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/oil-prices-fall-demand-fears-headed-second-weekly-loss-2023-06-09/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.