Oil Falls as Demand Concerns Offset Supply Cuts

Oil Falls as Demand Concerns Offset Supply Cuts
Pumpjacks are seen against the setting sun at the Daqing oil field in Heilongjiang Province, China, on Dec. 7, 2018. Stringer/Reuters
Reuters
Updated:

LONDON—Oil slipped on Friday as a weaker economic outlook and the prospect of further interest rate hikes dogged sentiment, outweighing a tighter market in the second half of the year owing to higher Chinese demand and OPEC+ supply cuts.

The Bank of England is set to raise interest rates by a quarter of a percentage point next week. The European Central Bank lifted rates to a 22-year high on Thursday and the U.S. Federal Reserve signalled at least a half of a percentage point increase by year-end.