: Oil futures finished lower for the session, with U.S. prices down nearly 2% for the week


Oil futures declined on Friday, with U.S. prices losing almost 2% for the week. “Besides contending with the prospects of a recession, oil prices were met with a barrage of bearish signals this week: growing U.S. crude inventories, the higher-than-expected U.S. jobless claims, China’s still uneven recovery, as well as with the imminent resumption of Iraq’s oil exports,” said Han Tan, chief market analyst at Exinity Group. “Such downcast reminders have offset the boost from incoming OPEC+ supply cuts, along with the prospects of the U.S. soon refilling its strategic reserves.” June West Texas Intermediate crude CLM23, -1.09% fell 83 cents, or 1.2%, to settle at $70.04 a barrel on the New York Mercantile Exchange. Front-month prices declined 1.8% for the week, down a fourth consecutive week, according to Dow Jones Market Data.

This article was originally published by Marketwatch.com. Read the original article here.

Previous articleIn One Chart: Eli Lilly on track to close with a higher market cap than J&J for first time since 1997
Next articleEli Lilly is about to overhaul Johnson & Johnson in market cap


Please enter your comment!
Please enter your name here