Oil prices fall for first time in ten days but end week higher

The price of oil fell almost two per cent on Friday amid worries of a global economic slowdown.

It ended nine successive days of an increase in oil price that had come about on hopes of an end to the US trade war with China, but it still ended the week higher.

Brent crude dropped $1.2 to settle at $60.48 a barrel, a 1.95 per cent loss, while US standard WTI crude fell 1.9 per cent to settle at $51.59 a barrel.

Despite the dip, both benchmarks ended the week with gains for the second week running. Brent rose 6 per cent while WTI saw gains of 7.6 per cent

It was the first time that Brent and WTI had seen nine days of consecutive price increases since 2007 and 2010 respectively.

The price rose on the back of promising talks between the US and China earlier in the week with reports that an agreement may be reached, however after three days of talks no announcement was made.

Talks are expected to reconvene later this month but investors remained cautious due to concerns about a global economic slowdown.