Oil falls as economic concerns offset prospect of tighter supplies

Oil prices have fallen due to concerns over fuel demand in the US and China despite tighter supplies due to OPEC+ cuts and US buying for reserves. Brent crude futures dropped 0.6% to $73.74 a barrel and US West Texas Intermediate crude fell 0.5% to $69.67. The dip follows a fourth consecutive week of decline for both benchmarks on fears of a US recession and historic default. Despite the oil supply shortage, market sentiment towards oil remains weak given economic reopening setbacks in China and concerns of a US growth slowdown.