# Oil rises more than 1% but sets biggest weekly loss of 2019

> Oil prices rose more than 1% on Friday ahead of long US and UK holiday weekends but recorded their biggest weekly decline of the year. The drop was driven by rising inventories and concerns about the global economy.

- Date: 2019-05-24 · published 2019-05-24T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/9795-oil-rises-more-than-1-but-sets-biggest-weekly-loss-of-2019
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A weekly loss driven by inventory builds and growth worries points to softer energy demand, which tends to weigh on crude and fuel prices and biofuel economics.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Sources

- reuters.com: https://www.reuters.com/article/us-global-oil/oil-steady-but-set-for-2019s-biggest-weekly-loss-idUSKCN1SU01P/?feedName=businessNews&feedType=RSS

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