Oil prices set to drop for a second week as US-China trade war to cut demand

Oil prices declined on Friday and were on track for a second consecutive weekly loss, as fears that the ongoing U.S.-China trade war could weaken global economic growth and reduce crude demand weighed on the market.

Brent crude slipped 31 cents, or 0.5%, to $63.02 a barrel by 0153 GMT, while U.S. West Texas Intermediate (WTI) dropped 36 cents, or 0.6%, to $59.71. Both benchmarks had fallen by more than $2 in the previous session.