OIL PRICE: NOT ABOVE $72

REUTERS - Oil prices fell on Friday, with U.S. crude heading for a seventh weekly decline amid increasing concerns about slowing global economic growth that could hit demand for petroleum products as inventories build.

Brent crude oil futures LCOc1 were down 3 cents at $71.40 a barrel by 00229 GMT. U.S. West Texas Intermediate (WTI) crude futures CLc1 dropped 1 cent to $65.45 a barrel.

Brent is heading for a 2 percent decline this week, a third consecutive weekly drop. WTI is on track for a seventh week of losses, with a fall of more than 3 percent.

Data on Wednesday showing a large build in U.S. inventories fostered fears about the outlook for fuel demand, while crude was also pressured by broader selling of industrial commodities and by the Turkish financial crisis.

"Investors remain cautious as Wednesday's surprise gain in U.S. stockpiles remained fresh in their minds," ANZ said in a note.

China and the United States have implemented several rounds of trade tariffs and threatened further duties on exports worth hundreds of billions of dollars, which could knock global economic growth.

At the same time, the crisis gripping the Turkish lira has rattled emerging markets and reverberated across equities, bonds and raw materials.

U.S. data on Wednesday showed crude output C-OUT-T-EIA rose by 100,000 barrels per day to 10.9 million bpd in the week ending Aug. 10.

Crude inventories  increased by 6.8 million barrels, representing the largest weekly rise since March last year. 

Asian demand is showing signs of slowdown as trade disputes and a stronger dollar drag the economies of some of the world's largest oil buyers.

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Earlier: 

2018, August, 15, 11:10:00 OIL PRICE: NEAR $72 REUTERS - Front-month Brent crude oil futures LCOc1 were at $72.34 per barrel at 0648 GMT, down by 12 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 23 cents, or 0.3 percent, at $66.81 per barrel.

2018, August, 13, 14:05:00 OIL PRICE: NEAR $73 REUTERS - Benchmark Brent crude oil LCOc1 was up 10 cents at $72.91 a barrel by 0930 GMT. U.S. light crude CLc1 was unchanged at $67.63 a barrel.

2018, August, 10, 10:55:00 OIL PRICE: ABOVE $71 REUTERS - Front-month Brent crude oil futures LCOc1 were at $71.88 per barrel at 0646 GMT, down 19 cents, or 0.3 percent from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down by 22 cents, or 0.3 percent, at $66.59 a barrel.

2018, August, 8, 12:10:00 OIL PRICE: NOT ABOVE $75 YET REUTERS - Front-month Brent crude oil futures LCOc1 were at $74.50 per barrel at 0651 GMT, down 15 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $69.15 per barrel, down 2 cents.

2018, August, 8, 12:05:00 OIL PRICES 2018 - 19: $72 - $71 EIA - Brent crude oil spot prices averaged $74 per barrel (b) in July, largely unchanged from the average in June. EIA expects Brent spot prices will average $72/b in 2018 and $71/b in 2019. EIA expects West Texas Intermediate (WTI) crude oil prices will average about $6/b lower than Brent prices in 2018 and in 2019.

2018, August, 6, 13:40:00 OIL PRICE: NEAR $74 AGAIN REUTERS - Brent crude oil futures were up 31 cents on the day at $73.52 a barrel by 0903 GMT, while U.S. futures rose 35 cents to $68.84 barrel.

2018, August, 3, 10:15:00 OIL PRICE: ABOVE $73 REUTERS - U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $68.87 per barrel at 0647 GMT, down 9 cents from their last settlement. Brent crude futures LCOc1 were at $73.40 per barrel, down 5 cents from their last close.