Oil prices have fallen due to concerns over fuel demand in the US and China despite tighter supplies due to OPEC+ cuts and US buying for reserves. Brent crude futures dropped 0.6% to $73.74 a barrel and US West Texas Intermediate crude fell 0.5% to $69.67. The dip follows a fourth consecutive week of decline for both benchmarks on fears of a US recession and historic default. Despite the oil supply shortage, market sentiment towards oil remains weak given economic reopening setbacks in China and concerns of a US growth slowdown.