Oil declines due to concerns about the recession, despite restricted supply
Both contracts are set for their second straight weekly loss. Brent’s $10.73 drop was the third biggest for the contract since 1988. U.S. crude inventories (USOILC=ECI) rose by 8.2 million barrels in the week to July 1. Oil costs sneaked through the Asian exchange on Friday as downturn fears kept on burdening opinion, however, stresses over closed worldwide supplies covered
