Oil Falls Nearly 2 Percent Amid Global Economy Concerns But Ends Week Higher

Oil prices fell nearly 2 percent on Friday as investors worried about a global economic slowdown, snapping a nine-day winning streak spurred by U.S.-China trade hopes, but clung to some gains from that rally to end the week higher.

NEW YORK (Reuters) - Oil prices fell nearly 2 percent on Friday as investors worried about a global economic slowdown, snapping a nine-day winning streak spurred by U.S.-China trade hopes, but clung to some gains from that rally to end the week higher.

Pump jacks operate at sunset in an oil field in Midland, Texas U.S. August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford

Brent crude futures LCOc1 dropped $1.2 to settle at $60.48 a barrel, a 1.95 percent loss. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down $1 to settle at $51.59 a barrel, or 1.9 percent.