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Oil ends the week with falling prices: reasons are given

Oil prices of reference brands vary slightly and in different directions during the auction on Friday, February 8.
However, the week quotes finish in the red - since the beginning of the week Brent has fallen in price by 1.4%, WTI - by 5.1%. Earlier this week, US crude oil and fuel prices hit oil prices.
The April futures for Brent on the London Stock Exchange ICE Futures to 14:32 Kyiv time rose to 61.91 dollars per barrel.
The cost of WTI futures for March in the electronic session on the New York Mercantile Exchange (NYMEX) fell to this time to $ 52.48 per barrel.
The reason for the fall in oil prices were investors' concerns about a slowdown in the growth of the global economy. On the eve of the European Commission and the Bank of England downgraded forecasts for economic growth in the eurozone and the UK, respectively. The British Central Bank is now expecting a rise in the country's GDP by 1.7% this year instead of the previously expected 1.2%. The European Commission lowered its estimate for the growth of the currency block economy to 1.3% from the 1.9% expected in November.
In addition, participants in the oil market negatively perceived the news that US President Donald Trump and Chinese President Xi Jinping would not meet until March 1, when the freeze term on import duties on Chinese goods to the US expired. This increases the likelihood that the parties will not be able to reach an agreement within the prescribed period, and duties on Chinese goods worth $ 200 billion will be increased from the current 10% to 25%.
However, the market is supported by the information that in the world oil production has decreased. In January, the OPEC countries reduced oil production by 890 thousand barrels per day - a record value since January 2016.
Recall that at the end of 2018, OPEC countries and other oil exporters agreed to reduce oil production by 1.2 million barrels per day from January 2019 over a half year.