Oil Heads For Another Week Of Losses As Recession Fears Mount

Crude oil prices appear to be set for another losing week pressured by central bank monetary policies and continued demand concern. Brent crude was trading at above $89 per barrel and West Texas Intermediate was at over $84 per barrel at the time of writing, both modestly up on morning trade in Europe, largely thanks to renewed supply fears after Russia’s warning it would stop selling oil to countries that enforce a price cap. "Will there be any political decisions that contradict the contracts? Yes, we just won't fulfill them. We will not…