Oil prices declined today, as weak US economic data raised concerns about a possible global recession and reduced demand, but record prices are heading towards a weekly advance after OPEC + announced more production cuts and a decline in US oil stocks.

Brent crude futures fell 51 cents to $84.48 a barrel by 04:44 GMT. US West Texas Intermediate crude fell 54 cents, to $80.07 a barrel.

Brent and West Texas Intermediate have risen more than 5.5 % so far this week, heading for three consecutive weeks of increase, after the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC +, pledged voluntary production cuts.

Meanwhile, job openings in the United States fell in February to their lowest level in nearly two years, indicating a downturn in the labor market. A string of weak economic data soured market sentiment, stoking fears of a recession and prompting investors to adopt risk averse strategies.

Boosted the US dollar index, today, bouncing back from its lowest level in two months, a strong dollar may dampen demand for oil as crude oil becomes more expensive for holders of other currencies.

To support the market, Saudi Arabia, the world's largest oil exporter, raised the prices of its main crude to Asian buyers for the third month in a row.

Government data showed that US crude stocks fell by 3.7 million barrels last week, 1.5 million barrels more than expected.

Gasoline and distillate inventories also declined more than expected, declining by 4.1 million barrels and 3.6 million barrels, respectively./End

Source: National Iraqi News Agency