Tokyo : Oil prices dipped on Friday, with U.S. crude heading for a seventh weekly decline amid increasing concerns about slowing global economic growth that could hit demand for petroleum products as inventories build.
Brent crude oil futures were down 9 cents at $71.34 a barrel by 0649 GMT. U.S. West Texas Intermediate (WTI) crude futures dropped 5 cents to $65.41 a barrel. Brent is heading for a 2 percent decline this week, a third consecutive weekly drop.
WTI is on track for a seventh week of losses, with a fall of more than 3 percent.
Traders said the main drags on prices were the darkening economic outlook due to trade tensions between the United States and China, and weakening currencies in emerging economies that are weighing on growth and fuel consumption.
U.S. investment bank Jefferies said on Friday there was an emerging "lack of demand" for crude oil and refined products.
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