Global Demand Uncertainty Pushes Oil Prices Down, Russia Lifts Diesel Export Ban

Oil prices remained stable on Friday, but were on track for weekly losses due to concerns about global growth and fuel demand. Russia partially lifted its ban on diesel exports, allowing supplies delivered to ports by pipeline to be exported, as long as companies sell at least 50% of their diesel production domestically. The ban on gasoline exports remains in place. Brent and WTI futures were set to decline by approximately 12% and 9% respectively for the week. Despite the recent drop, analysts believe that the oil market will remain tight in the short-term, attracting buyers. Investors are also keeping an eye on the U.S. monthly jobs report for indications of economic strength.